9th Sep 2013 11:24
LONDON (Alliance News) - Aircraft owning and leasing company Capital Lease Aviation PLC Monday said revenues slowed for the year ended June 30, but pretax profits increased following the sale of its subsidiary Capital Lease Australian Portfolio One Pty. Limited.
Revenues decreased to USD10.8 million from USD11.3 million. The group's pretax profit increased to USD4.1 million from USD3.8 million. It had total assets of USD97.7 million.
The company said it was in active discussions with its current leases for extension, and it may refinance some of its assets in the coming years to allow for further aircraft acquisitions. "A conservative strategy is leading to consistent asset growth," said Chairman Jeff Chatfield.
Capital Lease's shares were trading down 1.18% at 16.80 pence Monday morning.
Earlier Monday, broker and market-maker in the stock WH Ireland said it believes the results reflect the stability of Capital Lease and raised its target price to 34 pence from 24 pence.
Capital Lease is 60%-owned by Aviation PLC.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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