Fly Leasing reports USD 9.6m in Q2 2020 net income

Fly Leasing Limited (NYSE: FLY), a Dublin-based aircraft leasing company, has reported net income of USD 9.6m, or USD 0.32 per share in the second quarter of 2020, compared to net income of USD 54.1 million, or USD 1.68 per share, for the same period in 2019, the company said.

Highlights of the second quarter include:

-Adjusted Net Income of USD 11.3 million, USD 0.37 per share
-USD 29.46 book value per share at quarter end, a 21% increase since June 30, 2019
-USD 289.0 million of unrestricted cash and cash equivalents
-USD 597.9 million net book value of unencumbered assets

At June 30, 2020, FLY´s total assets were USD 3.5 billion, including investment in flight equipment totaling USD 3.0 billion. Total cash at June 30, 2020 was USD 309.3 million, of which USD 289.0 million was unrestricted.

At June 30, 2020, FLY had 86 aircraft and seven engines in its portfolio. FLY´s aircraft and engines are on lease to 41 airlines in 25 countries. The table below does not include the engines.

FLY is a global aircraft leasing company with a fleet of modern, high-demand, and fuel efficient commercial jet aircraft. FLY leases its aircraft under multi-year lease contracts to a diverse group of airlines throughout the world. FLY is managed and serviced by BBAM LP.