KUALA LUMPUR, March 13 (Bernama) -- Willis Lease Finance Corporation (WLFC), for the period ended Dec 31, 2018, has recorded an annual pre-tax profit of US$56.3 million last year, an increase of 56.3 per cent as compared to 2017. (US$1 = RM4.09)
Last year, the company’s total revenue increased by 26.7 per cent.
WLFC generated US$348.3 million in 2018, in comparison to US$274.8 million in the previous year.
WLFC pretax 2018 results were driven by continued revenue growth in the core leasing business and increase in spare parts and equipment sales.
In addition, aggregate lease rent and maintenance reserve revenue of US$262.6 million, were driven by high utilisation of a lease portfolio that grew 24.6 per cent to US$1.67 billion at year-end.
As of Dec 31, 2018, WLFC had a total lease portfolio consisting of 244 engines and related equipment, 17 aircraft and 10 other leased parts and equipment with a net book value of US$1.67 billion.
WLFC chairman and chief executive officer, Charles F. Willis said the company’s global client base recognised the value of its vertically integrated offering of core lease services, materials, fleet transition solutions, asset management and materials services.
WLFC leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repairs and overhauls providers in 120 countries.
-- BERNAMA
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