AeroCentury reports second quarter net loss of US$78,000

AeroCentury, an independent aircraft leasing company, has reported a second quarter 2019 net loss of US$78,000, compared to a net loss of US$81,000 for the second quarter of 2018. Second quarter 2019 results reflect the combined operations of AeroCentury and its subsidiary, JetFleet Holding, which was acquired by the Company on October 1, 2018.

In the first six months of 2019, the Company reported a net loss of US$1.4 million, compared to net income of US$236,200, in the first six months of 2018.

The results for the second quarter included a US$160,000 impairment provision, based on appraised value, for one older turboprop aircraft that is held for sale, but is on a short-term operating lease.

The results for the second quarter of 2019 included a US$171,000 loss related to the reclassification of an asset held for lease to a finance lease receivable as a result of a lease amendment under which the customer agreed to buy the aircraft at lease expiration in November 2019.

The second quarter included US$579,000 of maintenance reserves revenue resulting from payments received from a lessee that returned three leased aircraft to the Company in 2017.

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