19th Oct 2016 07:07
LONDON (Alliance News) - Avation PLC on Wednesday said the size of its aircraft fleet has increased over the past year.
The commercial passenger aircraft leasing company said it has 38 aircraft in its fleet at September 30, which is an increase on the 31 it had a year earlier.
The weighted average fleet age is 3.2 years, down from 5.4 years the year before, while the average remaining lease term increased to 7.4 years from 5.9 years.
"The company has purchased and delivered a series of factory new aircraft to airlines during 2016, has sold off mid-life aircraft and has continued to improve average age and lease term metrics. Contracted unexpired lease revenue for the fleet, as at September 30, 2016, totals USD752.5 million, compared with USD550.6 million a year earlier. Avation seeks to maintain a fleet of aircraft assets with a low average age and long average remaining lease term," Executive Chairman Jeff Chatfield said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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