Fly Leasing net profit rises in 2013

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Irish-based lessor Fly Leasing ended 2013 with a net profit of $52.5 million, an increase of more than 10%.

The company brought another 14 aircraft into its portfolio, at a cost of $642 million, while selling 10 older airframes from which it gained $6.3 million.

Chief executive Colm Barrington says: “As a result of these transactions we have increased both the size and value of our fleet and have lowered its average age.”

Operating lease revenues for the year totalled just under $360 million, down by 5%.

Its fourth-quarter net income reached $13.4 million, less than half the $31 million recorded in 2012.

But Fly Leasing points out several transactions – including one-off events in 2012 – which account for the differing figures.

Fly Leasing’s portfolio at the end of last year comprised 113 aircraft, compared with 109 in 2012, most of them Boeing 737s and Airbus A330-family jets. The aircraft were on lease to 62 customers.