Fly Leasing reports second quarter 2019 financial results

Fly Leasing Limited (FLY), a global leader in aircraft leasing, has released its financial results for the second quarter of 2019.

FLY is reporting net income of US$54.1 million for the second quarter of 2019, this compares to net income of $24.3 million for the same period in 2018. Adjusted Net Income was US$61.9 million for the second quarter of 2019, compared to US$25.2 million for the same period in the previous year. For the six months ended June 30, 2019, Adjusted Net Income was US$109.0, compared to US$37.6 million for the same period last year.

At June 30, 2019, FLY had 98 aircraft and seven CFM engines on lease to 45 airlines in 25 countries. Of the 98 aircraft, 12 were classified as held for sale. The average age of the portfolio, weighted by net book value of each aircraft and engine, was 7.4 years. The average remaining lease term was 5.3 years, also weighted by net book value. FLY’s portfolio, excluding aircraft held for sale, was generating annualized rental revenue of approximately US$354.2 million.      

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