AeroCentury Corp., an independent aircraft leasing company, has reported a third quarter net loss of US$4.5 million, compared to a net loss of US$81,000 for the second quarter of 2018 and net income of US$0.4 million, for the third quarter of 2017. The results announced are for the period ended September 30, 2018, and therefore, do not reflect the combined operations of the Company and its newly acquired subsidiary, JetFleet Holding, which was acquired on October 1, 2018.
In the first nine months of 2018, the Company reported a net loss of US$4.2 million, compared to net income of US$1.4 million in the first nine months of 2017.
The first nine months of 2018 included US$1.6 million of other income resulting from payments received from a lessee of three aircraft that were returned to the Company during 2017. The Company is accounting for the payments from this lessee as they are received, and they are recorded in other income. The third quarter and first nine months of 2018 also included US$2.4 million of losses related to the sale of two off-lease turboprop aircraft, as well as impairment provisions totaling US$2.7 million on four other off-lease turboprop aircraft that have been identified for sale.
