AeroCentury, an independent aircraft leasing company, has reported a third-quarter 2019 net loss of US$8.2 million, compared to a net loss of US$4.5 million for the third-quarter of 2018. In the first nine months of 2019, the Company reported a net loss of US$9.6 million, compared to a net loss of US$4.2 million in the first nine months of 2018.
Third -quarter and year-to-date 2019 results reflect the combined operations of AeroCentury and its subsidiary, JetFleet Holding (JetFleet), which was acquired by the Company on October 1, 2018.
EBITDA was (US$5.2) million compared to US$5.3 million in the preceding quarter and US$0.1 million a year ago. Average portfolio utilization was 97% during the third quarter of 2019, compared to 98% during the second quarter and 93% in the third quarter of 2018. The decrease from the second quarter was a result of the return of four aircraft in late September 2019. The increase from the previous year was a result of the purchase of two on-lease aircraft during the second quarter of 2018 and sales of off-lease assets during the second half of 2018. Total revenues increased 235% to US$24.0 million for the third quarter of 2019, compared to US$7.2 million in the preceding quarter, and increased 375% from US$5.1 million in the third quarter a year ago.
Total operating expenses increased 374% to US$34.5 million from US$7.3 million in the preceding quarter, and increased 220% from US$10.8 million in the year-ago quarter.
