August 10, 2017
AeroCentury reports operating lease assets increased 52% year-over-year
Aircraft leasing company AeroCentury has released that second quarter 2017 earnings grew 19% to US$356,000 compared to US$299,000 in the second quarter of 2016, and compared to US$642,000 in the first quarter of 2017. In the first six months of 2017, net income grew 36% to US$997,000 from US$732,000 in the first six months of 2016. In July 2017, the Company expanded its credit facility to US$170m from US$150m and it may be expanded, subject to certain terms and conditions, to US$180m. Operating lease revenue in the second quarter of 2017 increased 44% to US$7.1m, compared to US$4.9m in the second quarter of 2016, and was down slightly from US$7.3m in the preceding quarter. Primarily as a result of aircraft acquisitions during the last twelve months, operating lease revenues for the six months ended June 30, 2017 increased 31% to US$14.4m from US$11.0m a year ago, and the lease portfolio grew 52% to US$203.1m at June 30, 2017 compared to US$133.4m.