AerCap Holdings N.V. released the results of its operations for the first quarter ended March 31, 2009. First quarter 2009 net income was $30.0 million, compared with net income of $50.9 million for the same period in 2008. First quarter 2009 net income excluding the impact of the mark-to-market of interest rate caps and share-based compensation was $31.5 million, compared with $59.9 million in first quarter 2008 on the same basis. The decrease in net income was largely due to lower income from the sale of assets in first quarter 2009 as compared to first quarter 2008.
Total revenue for the first quarter 2009 was $208.5 million, compared to $294.5 million for the same period in 2008. The decrease was mainly due to lower aircraft sales revenue. Sales revenue for the first quarter 2009 was $41.7 million, compared to $142.5 million for the same period in 2008, and was generated from the sale of four engines and parts inventory. Total assets were $5.8 billion at March 31, 2009, an increase of 26% over total assets of $4.6 billion at March 31, 2008.
