AeroCentury reports earnings growth of 80%

AeroCentury, an independent aircraft leasing company, reported earnings growth of 80% to US$1.4m in the second quarter of 2015, from US$752,000 in the first quarter of 2015. Second quarter profits were fueled by the Company’s portfolio modernization program, which is generating gains from sale of older assets. Following the US$6.8m non-cash, pre-tax write-down of certain older aircraft, the net loss in the second quarter of 2014 was US$3.9m. Net income improved to US$2.1m for the first six months of 2015, compared to a net loss of US$3.6m for the first six months of 2014.