21st Nov 2019 14:37
(Alliance News) - Commercial passenger plane leasing firm Avation PLC guided for double-digit leasing rental revenue growth in the first half as business goes "satisfactorily".
The company sees lease rental revenue at USD65.2 million for the first half ending December, which would be a 12% rise on the figure the year before. The fleet currently stands at 48 aircraft, with 17 customers in 14 countries.
"The company's business continues to perform satisfactorily and Avation expects to report growth in lease rental revenues for the six months ended December. Gains on sales of aircraft are lower than the comparable period of 2018," it said.
Singapore-based Avation had two aircraft leased to now-defunct airline Thomas Cook, and these were immediately inspected and then marketed for lease. The company is "pleased" both were leased to an existing customer from December.
As a result, Avation said the impact on lease rental revenue for the half was been "minimised".
Avation also on Thursday declared a dividend for the half of 2.1 US cents, up from 2 cents a year before.
Avation shares were 0.2% lower on Thursday afternoon in London at a price of 275.00 pence each.
By George Collard; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Avation