Operating lessor AWAS' second quarter net profit has increased to $68.7 million, compared with $62.3 million in the year-earlier period, partially due to stronger lease revenues.
Additional gains from the purchase of aircraft and additional maintenance proceeds, resulted in lease revenue of $268.8 million for the three months to 31 May, compared with $236 million in the year-earlier period, says AWAS in an earnings release to investors.
Total revenues increased 10.2% to $284.6 million.
During the quarter, AWAS sold four aircraft, or three fewer units, compared with the three months ended 31 May, 2012.
Net finance costs increased 8.9% to $75.2 million due to costs associated with the "re-pricing of two term loans, partly offset by lower interest on shareholder loans and favourable movements in the fair value of derivatives".
Results from operating activities were $153.7 million, compared with $140 million for the year-earlier period.
Increased capital expenditure for aircraft purchases resulted in a $217.1 million decrease in the lessor's cash balance to $460.1 million at the end of the second quarter from its position at 30 November, 2012.
The lessor says it has 59 aircraft on forward order due to deliver from 1 June through 2017; of which, 11 aircraft are due to deliver during the remainder of this financial year. It also has a commitment to purchase one aircraft from an unnamed airline, which is due to deliver during this financial year.