Avation started to re-jig its portfolio last June when it sold six ATR turbo-prop planes, which it replaced with its first twin-aisled jet (a Boeing 777-300ER) and three others in December.
Jeff Chatfield, executive chairman, added that he expects a material increase in lease revenue over the remainder of the year as a result of the re-shaped fleet.
Four new airlines have become customers, while the fleet now comprises 37 aircraft.
The bulk of the jets are Airbuses (12) alongside 19 ATR turbo-props.
Avation posted lower lease income of US$41.7mln (US$45.1mln) due to the reduction of the fleet at the start of this latest half-year though total revenues rose by 16% to US$52.4mln.
Interim profits to December dropped 13% to US$7.72mln, though cash inflow more than doubled to US$64.3mln.
Chatfield said the lower lease revenue reflected Avation starting the period with a smaller fleet following the ATR sale.
“The sale of these aircraft de-risked the portfolio by lowering airline concentration and released equity which facilitated the acquisition of four new aircraft in December 2017.”