Willis Lease Finance reports first quarter pretax profit grew 104 %

Willis Lease Finance has reported that pretax income grew 104% to US$14.4m in the first quarter of 2017 compared to US$7.1m in the first quarter of 2016 on revenues of US$77.9m. The Company’s first quarter 2017 results were bolstered by US$32.0m of maintenance reserve revenue, of which US$21.5m was long term maintenance revenue related to assets coming off lease. These revenues were offset by related non-cash write downs totaling US$13.0m. Net income attributable to common shareholders for the first quarter increased 95.4% to US$7.8m, from US$4.0m in the first quarter of 2016.