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Avation: Aircraft leasing company on course to post record profits

Lease revenues are expected to fly 39% higher to US$58mln for the six months ended December 31
turboprop plane
The company's ATR 72 turboprop aircraft is popular with customers

Avation PLC (LON:AVAP) provided an upbeat assessment of prospects as it said first-half revenues and earnings were growing strongly.

In an update provided at the aircraft leasing company’s annual meeting, investors were told lease income for the six months to the end of December will be in the order of US$58mln, up 39% year on year.

READ: Avation sells Airbus A321-200 aircraft to Asian buyer in portfolio diversification push

Profitability, meanwhile, is expected to hit record levels, boosted by a trading gain on the sale of a narrow-body aircraft. 

Chairman Jeff Chatfield told the gathering in Singapore the group is looking to add to its fleet as well marketing new deliveries such as its popular ATR 72 turboprop aircraft.

"The company has continued the organic growth and renewal of is fleet,” he added.

“Current trading is positive with record revenues, materially above that of the comparable period last year.

“Given trading conditions, Avation is pleased to reward the owners of the company with a second interim dividend for the calendar year 2018."

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