Avation PLC (LON:AVAP), the commercial passenger aircraft leasing company, revealed it has entered the aircraft engine lease business and established its first engine lease.
In a statement, the company said it has signed an operating lease with Transportes Aeromar, S.A. de C.V. (Aeromar Airlines) for a Pratt and Whitney PW127M engine.
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It noted that the engine will be operated in support of the fleet of Aeromar Airlines which currently has 10 ATR aircraft serving 25 routes from Mexico City.
Avation's executive chairman, Jeff Chatfield commented: "Engine leasing is a new business initiative which we are exploring. We and also our airline clients occasionally lease engines when needed, we see this is a valued added business line which certain airline clients may find useful."
In a separate statement, Avation also said it will host a conference call on 28 February 2020 at 1pm GMT (UK), 8am EST (USA) to discuss its first half year results for the 2020 financial year.
The results will be published at 7am GMT on 28 February.