Avation PLC - Singapore-based commercial passenger aircraft leasing company - Ends 2021 with 42 aircraft in fleet that generated contracted revenue from operating leases of USD575 million and nets additional USD64 million from finance leases. Says the collection rate of cash compared with contracted revenue in December was 171% with a December 31 year-to-date cash collection rate of 91%. Cash and bank balances at December 31 was USD121 million.
States that the average monthly rental for the period from September to November for the Philippine Airlines Holdings Inc 777-300 aircraft power by the hour rent collection was 95%. Expects the sale of three ATR aircraft, an Airbus A321 and an Airbus A220 to Aegean Airlines SA to increase liquidity by around USD42 million.
Executive Chair Jeff Chatfield says the air travel industry is "experiencing a gradual recovery".
"We expect that the results for the first half will demonstrate certain improvements, albeit remain a loss. The company sees improvements in liquidity, revenue collections and a gradual stabilisation of the business," he adds.
Current stock price: 93.00 pence
12-month change: down 26%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Avation (AVAP)