Avation PLC (LSE:AVAP), the commercial passenger aircraft leasing company, said it has completed the sale of two ATR72-600 aircraft to an airline-related customer.
These aircraft were previously leased to Loganair, the progress of which transaction has been announced during the course of this year.
In a statement, Jeff Chatfield, executive chairman said: "Avation is pleased to have completed the sale and delivery of these two ATR72-600 aircraft, at this stage we have transitioned to new airlines or sold almost all of our Covid-19 related inventory of aircraft on ground."
In addition, in response to an analyst's question, the company advised that, on a monthly basis, it currently invoices in excess of US$3mln of cash maintenance reserve charges.
Avation said it currently collects cash maintenance reserves from 27 leased aircraft. Cash maintenance reserves provide security for major aircraft maintenance events and they are not recognized as revenue.
Headquartered in Singapore, Avation owns and manages a fleet of commercial passenger aircraft which it leases to airlines around the world.