Willis Lease Finance has reported annual total revenues of US$288.7 million and a pre-tax profit of US$17.3 million for the year ended December 31, 2020.
The Company reported lower revenue in 2020 when compared to the prior year, primarily due to the impact of the COVID-19 pandemic. The slowdown in global travel has led to a reduction in aircraft and engine utilization as well as a reduction in demand for aircraft and engine spare parts which keep airline fleets in operation.
For the year ended December 31, 2020, aggregate lease rent and maintenance reserve revenues were US$248.3 million and spare parts and equipment sales were US$18.6 million.
“The COVID-19 pandemic obviously has had a dramatic impact on global travel and the aircraft and aircraft engine lessors, including our company, have felt the effects of the slowdown,” said Charles F. Willis, Chairman and CEO. “We have worked hard this year to protect our own liquidity, focus on our customers and invest in new technology equipment, which we believe has positioned the company well for continued growth and the industry’s eventual emergence from this crisis.”