AeroCentury earns US$1.3m in 3rd quarter 2015

AeroCentury, an independent aircraft leasing company, reported earnings totaling US$1.3m in the third quarter of 2015, compared to US$1.4m in the second quarter of 2015. Third quarter profits reflect an improvement in utilization as the Company continues to adjust the composition of its portfolio of regional aircraft and engines. Following the US$11.7m non-cash, pre-tax write-down of certain older aircraft, the net loss in the third quarter of 2014 was US$8.2m. Net income improved to US$3.4m for the first nine months of 2015, compared to a net loss of US$11.8m for the first nine months of 2014, which included US$18.5m of non-cash pre-tax write-downs on older equipment. Average portfolio utilization increased to 94% during the third quarter of 2015, compared to 90% in the preceding quarter and 80% a year ago, reflecting the improved mix of assets in the lease portfolio. Total revenues decreased 17% to US$7.8m for the third quarter of 2015, compared to US$9.4m in the preceding quarter and increased 18% from US$6.6m in the year ago quarter. Operating lease revenues increased 3% to US$6.5m in the third quarter of 2015, compared to US$6.3m in the second quarter and grew 35% from US$4.8m a year ago.