Willis Lease Finance reports second quarter pretax profit of US$5 .8m

Willis Lease Finance Corporation, an independent jet engine lessor in the commercial finance sector, reported quarterly pretax income of US$5.8m in the second quarter 2016, up US$6.7m when compared to second quarter 2015 pretax income. Net income for the second quarter increased by US$3.9m to US$3.4m in the second quarter of 2015. Earnings in the second quarter included a US$1.9m non-cash charge associated with the write down of an engine that will be retired at lease expiration. Total revenue grew 13.3% to US$49.6m in the second quarter of 2016 from US$43.8m in the year ago comparable period. Second quarter lease rent revenue was US$29.2m, up 12.7% from the year ago comparable period. Lease rent revenue was US$57.5m, up 12.3% for the six months ended June 30, 2016, from the corresponding year ago period.