Willis Lease Finance Corporation has reported pretax earnings for 2016 of US$23.9m, up 87.4% from US$12.8m in 2015, on record revenue of US$207.3m. Net income attributable to common shareholders for 2016 was US$13.8m compared to US$6.5m in 2015. Fourth quarter 2016 net income attributable to common shareholders was US$2.4m, compared to US$3.0m in 2015. Fourth quarter 2016 results were impacted by a US$3.6m non-cash write down as compared to a US$0.6m non-cash write down in the fourth quarter 2015. Pre-tax earnings increased 87.4% to US$23.9m in 2016 from US$12.8m in 2015. Average utilization in the fourth quarter was sustained at 92% up from 91% reported for the year ago period. Total revenues grew 4.7% to US$207.3m in 2016, fueled primarily by a growing lease portfolio, higher portfolio utilization and rising lease rates. Lease rent revenues grew 11.0% to US$119.9m and 8.0% to US$31.2m for the full year and fourth quarter of 2016, respectively. The equipment portfolio grew 2.5% in 2016 to US$1.137bn from US$1.109bn a year ago. The Company purchased US$149m of equipment in 2016 as compared to US$171m in 2015. In the fourth quarter of 2016, the Company purchased two aircraft and fourteen engines for US$64m.
Brussels Airlines to welcome Dorothea von Boxberg as new CEO
Currently Chairperson of the Executive Board of Lufthansa Cargo AG, Dorothea von Boxberg will shortly become the new CEO of Brussels Airlines. The appointment is subject to a pending resolution by the Board of Directors of SN Airholding. She is due to take up her new position on April 15 this year and will also