AWAS profit up 25% in Q1

This story is sourced from

Operating lessor AWAS increased its first quarter net income to $59 million from $33 million in the year-earlier period due to stronger lease revenues and gains on asset sales.

In the three-month period to 28 February, total revenues increased by 18.7% to $239.3 million compared with the year-earlier period, the lessor says in an earnings release.

Total lease revenues jumped 33.6% to $235 million.

Asset gains totalled $6 million, up 6% from the year-earlier period.

"We are well placed to deliver continued growth over 2013, with the majority of aircraft due to deliver in 2013 financed," says AWAS. "We will continue to evaluate new opportunities in the coming year, and build upon the strengths of our business."

The lessor says it has completed $481.1 million in financings for aircraft purchased in the first quarter.

Its total cash position tumbled 77.3% to $600 million compared with the first quarter of 2012.

AWAS purchased 18 aircraft during the three months - nine from its forward orderbook and nine from other lessors and airlines. It also sold four units.

The lessor completed 26 new leasing transactions in the quarter with 18 customers.

AWAS had 255 aircraft at quarter end with 68 units on backlog through 2017. The lessor will take delivery of 20 aircraft in the first quarter. It also has a commitment in place to purchase an aircraft from an airline with the unit due to be delivered this year.