AeroCentury, an independent aircraft leasing company, has reported a first quarter net loss of US$1.3 million, compared to net income US$0.3 million for the first quarter of 2018. First quarter 2019 results reflect the combined operations of AeroCentury and its subsidiary, JetFleet Holding (JetFleet), which was acquired on October 1, 2018.
EBITDA was US$4.4 million compared to US$1.9 million in the preceding quarter and US$5.7 million a year ago. Average portfolio utilization was 98% during the first quarter of 2019, compared with 95% in the preceding quarter. The increase was a result of the sale of off-lease aircraft during 2018. Average portfolio usage was 90% during the first quarter of 2018. The year-over-year increase was a result of the net effect of the acquisition of two aircraft during the second quarter of 2018 and sales of off-lease assets during 2018. Total revenue and other income increased 18% to US$7.6 million for the first quarter of 2019, compared to US$6.4 million in the preceding quarter.
