Dubai Aerospace Enterprise (DAE) has reported its financial results for the six months ended June 30, 2020.
DAE reported total revenue of US$672.6 million compared to US$735.2 million in the first-half of 2019 and net income of US$121.7 million compared to US$197.1 million in the previous year.
The reported net income in the first-half was lower attributable primarily to 23 fewer aircraft in the Owned Aircraft portfolio, fewer asset sales resulting in lower gains on sale of assets, reduced finance income, and higher provisions for trade receivables offset by lower interest expense.
As of July 31, 2020, DAE has granted rent deferral requests from 34 airlines totaling aggregate rent of approximately 16% of annual reported revenue. The company is currently evaluating rent deferral requests from an additional 24 airlines totaling aggregate rent of approximately 13% of annual reported revenue.
As of June 30, 2020, DAE had US$2.8 billion of cash and available liquidity. During the first half of the year, the company re-purchased US$187 million of its bonds and has US$229 million of remaining repurchase authorization.
