AeroCentury reports Q1 financial results

Darren Wood
By Darren Wood May 15, 2019 13:45

AeroCentury reports Q1 financial results

Aircraft leasing firm AeroCentury has reported a net loss of $1.3 million in its first quarter 2019 results.

The loss comes after the firm reported net income of $0.3 million in the same period last year.

The company was quick to stress that its results reflect the combined operations of AeroCentury and its subsidiary, JetFleet Holding – which was acquired on October 1, 2018.

The results for the period ending March 31, 2019 included $1.4 million of impairment provisions related to two older off lease turboprop aircraft and a spare engine, all of which were written down to their estimated sales values.  The company expects the sales of these aircraft and engine to occur in the second quarter of 2019.

“Despite the reported loss for the first quarter, there were significant positive developments for the company that create stepping stones for the company’s future success,” said Michael Magnusson, AeroCentury’s president.

He added: “We are indeed beginning to see the benefits of our acquisition of JetFleet in terms of cost reductions reflected in our first quarter results, and continue to expect this transaction will prove accretive to the company’s earnings in the long term.”

Darren Wood
By Darren Wood May 15, 2019 13:45