3rd Feb 2023 12:16
(Alliance News) - Avation PLC on Friday said it expects its revenue to fall as it noted that the airline industry is recovering from Covid-19 restrictions.
The Singapore-based passenger aircraft leasing firm said it anticipates its revenue in the half-year to December 31, 2022 to decline by 21% to USD46 million from USD57.9 million a year ago. "The airline industry is continuing a recovery from the lows seen during the Covid-19 pandemic," the company said.
Avation said it was focused on the execution of deliveries and sale deals for off-lease aircraft.
As of December 31, Avation's contracted future lease revenue receivable fell 10% to USD509 million from USD568 million on June 30. Its number of aircraft declined to 37 from 39 over the six months.
The company expects to release its interim results on March 3.
Avation shares fell 7.8% to 121.66 pence each in London on Friday morning.
By Tom Budszus, Alliance News reporter
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