Aircastle reports third quarter net loss of US$14.0m

Aircastle reported a third quarter 2015 net loss of US$(14.0)m and an adjusted net loss of US$(9.7)m. The third quarter results included total revenues of US$212.1m, an increase of 19.4%, versus US$177.6m in the third quarter of 2014. Commenting on the results, Ron Wainshal, Aircastle’s CEO, stated “During the third quarter we took decisive measures to address the challenge presented by the Malaysian bankruptcy and to accelerate our planned exit from freighter investments. Notwithstanding the resulting impairments, our operating performance was excellent as evidenced by the 14.5% cash ROE and 99.9% utilization results.” Aircastle acquired seven aircraft for US$233m year to date purchased 32 aircraft for US$1.0bn. The company sold eight aircraft for a net gain of US$15.7m, year to date sold 20 aircraft for a total net pre-tax contribution of US$38.3m.