Air Lease posts Q2 net income of $7m

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Air Lease Corporation (ALC) has posted a net income of $7.02 million in its second quarter, compared with a net loss of $41.1 million in the corresponding quarter a year ago.

It recorded revenues of $74.3 million for the three months ended 30 June, up from revenues of $1.71 million. Expenses rose 35% to $63.5 million.

"Building on the success of our IPO in April, ALC continued generating growth by significantly increasing our portfolio of aircraft in the second quarter," said Steven F. Udvar-Házy, chairman and CEO of ALC. "Despite current volatility in the marketplace, the aviation industry has entered a period of expansion and ALC is capitalising on opportunities as market conditions evolve."

ALC added 16 aircraft in the second quarter of 2011, ending the three months with 65 aircraft in its fleet. It estimates that its fleet will grow to about 100 by end-2011.