WILLIS LEASE FINANCE CORPORATION RECORDS US$27.8 MLN PRE-TAX PROFIT
KUALA LUMPUR, May 7 (Bernama) -- Willis Lease Finance Corporation (WLFC) has reported pre-tax profit of US$27.8 million and total revenue of US$103.8 million in the first quarter of 2019. (US$1 = RM4.15)
The company’s total revenue has increased by 47.2 per cent in the first quarter of 2019 as compared to US$70.5 million in the same quarter of 2018.
The results were driven by continued revenue growth in the core leasing business, an increase in trading activity and continuing spare parts sales, according to a statement.
“Our continued growth and the company’s record quarterly revenue and pre-tax profits speak of the market’s recognition of the value of the Willis Platform,” said chairman and chief executive officer, Charles F. Willis.
Also highlighted in the financial results are lease rent revenue increased by US$48.4 million; quarterly maintenance reserve revenue increased by US$9.9 million; and spare parts and equipment sales increased to US$17.5 million, among others.
As of March 31, WLFC had a total lease portfolio consisting of 244 engines, 13 aircraft, 10 other leased parts and equipment and one marine vessel with a net book value of US$1.605 billion.
-- BERNAMA
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