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LONDON (Alliance News) - DP Aircraft I Ltd on Wednesday said its profit increased in 2018 as the asset manager's disposal fee fell, as did other fees and costs.
The aircraft investor posted a pretax profit of USD21.4 million, up 13% from USD18.9 million the year before. This was a result of a near-halving of the asset manager's disposal fee to USD423,008 from USD833,124.
The disposal fee is a cash-settled payment to the asset manager. The provision for this is determined by estimating the fee payable on the disposal of the assets, which is then discounted and recognised over the period until the estimated payment date.
Depreciation also shrank to USD18.9 million from USD19.5 million, asset management fees dropped to USD982,584 from USD958,619. Net finance costs were also down at USD10.4 million from USD11.8 million.
Net revenue was largely unchanged at USD53.0 million. The company's net asset value per share, excluding swap liabilities, increased to USD1.021 from USD1.009.
Dividends for the year held steady at USD0.09 per share. Post period end, in January 2019, the company declared a USD0.0225 per share dividend for the final quarter of 2018.
DP Aircraft I Chair Jon Bridel said: "The company has noted the reduction in the substantial growth plans for Norwegian Air Shuttle and ongoing challenges given its high financial and operating commitments. At the beginning of 2019, NAS raised USD352m to strengthen its cash position. This is a positive outcome for the company and NAS has continued to meet its obligations to the company during the year. The recent grounding of all B737-MAX aircraft is being monitored and we understand NAS is looking to obtain compensation from Boeing. NAS are managing their capacity issues by delaying planned aircraft sales and leasing additional aircraft."
Shares in DP Aircraft I were down 0.1% at USD1.00 on Wednesday afternoon.