California-based aircraft lessor AeroCentury has reported $1.8 million in net income for the fourth quarter of 2012, up from the $1.2 million in net income it posted a year ago.
It posted $8 million in revenues in the quarter, compared with $6.7 million in the same period in 2011. "The year-to-year increases were primarily due to increases in operating lease revenue and maintenance reserves revenue resulting from higher average utilisation of the company's asset portfolio in the 2012 periods and revenue from assets that were purchased subsequent to the 2011 periods," says AeroCentury.
For the full year, net income grew to $5.2 million, compared with a net loss of $1.5 million in 2011.
Full-year revenues rose to $29.4 million, up from $24.6 million in 2011.
"Given that conditions in the global aviation and capital markets remain very challenging, we are pleased with the 2012 results and we are delighted to have increased the amount and extended the term of our credit facility," says Neal Crispin, president of AeroCentury.
AeroCentury's credit facility was amended to increase borrowing capacity from $90 million to $130 million, and the maturity date was extended to 30 September 2015 among other changes.