GECAS maintains asset value at $49 billion

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General Electric Capital Aviation Services' (GECAS) asset base remained stable during the first quarter at $49 billion, Keith Sherin, the chief financial officer of parent company General Electric, said in an earnings call today.

The lessor's portfolio asset value was "flat" compared with the year-earlier period, according to Sherin.

First quarter net income of $348 million, an increase of 9% compared with the year-earlier period, was due to "increased earnings before impairments and higher operating income", says Sherin.

General Electric reported first quarter 2013 earnings of $4.1 billion, up 14% from the first quarter of 2012. Revenues were $35 billion for the quarter, flat with the year-ago period