ALC reports stronger Q3 results

London
Source: Flightglobal.com
This story is sourced from Flightglobal.com

Air Lease (ALC) reported third-quarter net income of $37 million, up from $18.3 million last year.

Revenues jumped 90% to $174.9 million from the year-earlier period, the lessor says in a third quarter earnings release.

During the quarter, ALC made further progress in placing its aircraft. As of 30 September, the lessor entered into contracts for the lease of all 70 aircraft delivering through 2014, for nine aircraft delivering in 2015 and for eight aircraft delivering after 2016.

It also added five aircraft during the quarter and ended the period with 142 units.

ALC secured additional debt facilities during the period totaling $546.4 million, which included $450 million in senior unsecured notes, a $90 million addition to its syndicated unsecured revolving credit facility and additional unsecured term facilities of $6.4 million.

Total unsecured debt outstanding totalled $2.5 billion at quarter end. Unsecured debt, as a percentage of total debt, increased to 58.6% as of 30 September from 31.7% as of 31 December, 2011.

"We will continue to focus our financing efforts on raising unsecured debt through the international and domestic capital markets, the global bank market, reinvesting cash flow from operations and, to a limited extent, secured financings including government guaranteed loan programme," says ALC.

The lessor ended the third quarter with liquidity of $1.47 billion.