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Aviation (AVAP) rises 1% on annual profit, air travel optimism
Singapore-based Aviation (AVAP) delivered a profit on Wednesday and said that it was optimistic about the medium-term opportunities for air travel ahead of wider vaccine rollouts.
Aviation PLC (AVAP) said that it was “optimistic” about the air travel industry despite pandemic-related challenges, after delivering a surprise profit in its latest report on Wednesday.
The commercial passenger aircraft leasing company posted a pre-tax profit of $14.7m for the 12 months to the end of June 2020.
Lease revenue also increased 14% year over year to $135.3m.
Aviation admitted in a statement that it had been a “challenging year”, but despite the backdrop of uncertainty, the company was able to maintain profitability.
Executive chairman Jeff Chatfield said that Aviation had been able to continue managing its airlines, bankers and finances without interruption since the onset of COVID-19.
Since 1st July, Aviation revealed that a total of $13.7m in lease payments had been deferred to deliver the support that its airline customers needed.
This will result in a $26.5m loan amortisation being rescheduled in order to keep its cash flow steady.
The firm added that around a third of its 19 airline customers had now returned to pre-pandemic monthly rental levels.
However, Aviation said that the sector “remains challenged”, something that is likely to continue in the near term.
However, the planned widespread rollout of vaccines is a potential upside in 2021, and Chatfield said that he was confident about the medium-term opportunity in aviation.
This bullish forecast is due to the internal belief that movements of air travel passengers will soar when it is deemed to be safe again.
Chatfield concluded: “Therefore, post COVID-19 we remain optimistic and expect significant opportunities for a rapid return to growth.”
Aviation PLC made gains on the London Stock Exchange on Wednesday as shares eased 1.05% higher to 134.90 GBX.
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