Air Lease records $45m 1Q profit
New aircraft lessor Air Lease Corporation has posted 1Q adjusted EBITDA of $45.2m, and adjusted net income of $11.7m.
Pre-tax income was $4.9m and net income was $3.2m, with cash flow of $38.5m. Lease revenue stood at $54.6m, including overhaul and management fee revenues of $1.7m and $0.4m respectively. The company, founded in July 2010, added nine aircraft to its existing fleet of 40, recording $530m of aircraft additions and bringing net aircraft purchases to $2.2bn as of March 31, 2011. The value of its assets stands at $2.8bn, with liabilities of $1.5bn. During 1Q the company added significantly to its credit facilities and is now backed by 17 banks. An initial public offering in April this year generating proceeds of $868m – not included in the 1Q results.
