AerCap reports US$276.8 million net income for first-quarter 2020

AerCap has reported that net income for the first quarter of 2020 increased by 18% to US$276.8 million, from US$234.2 million for the same period in 2019.

Basic lease rents were US$1,030.8 million for the first quarter, compared with US$1,075.3 million for the same period in 2019. Maintenance rents and other receipts were US$134.3 million, compared with US$86.8 million for the same period in 2019. Net gain on sale of assets for the first quarter of 2020 was US$58.4 million, relating to 12 aircraft sold for US$265 million, compared with US$21.5 million for the same period in 2019, relating to 19 aircraft sold for US$340 million. The increase was primarily due to the composition of asset sales.

As of March 31, 2020, AerCap’s portfolio consisted of 1,372 aircraft that were owned, on order or managed. The average age of its owned fleet as of March 31, 2020 was 6.2 years (2.5 years for new technology aircraft, 11.5 years for current technology aircraft) and the average remaining contracted lease term was 7.5 years.

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