AerCap reported a fall in second quarter net income to $246 million from $331 million for the same period year-on-year, with the lessor saying this was primarily driven by lower basic lease rents and lower net gain on asset sales.
AerCap said it has strong liquidity, including $3 billion of new funding raised in April, in response to the Covid 19 pandemic.
"With $27 billion of unencumbered assets, a record low leverage ratio of 2.5 to 1, we are well-positioned to weather an extended period of turbulence," chief executive Aengus Kelly said in a statement.
The Dublin-based firm also announced in its earnings results that it has cut its Boeing 737 MAX aircraft order by 15 aircraft, leaving it with 80 of the aircraft on order as regulators continue to review the 737 MAX’s return after two fatal crashes.
In May AerCap deferred deliveries of dozens of MAX aircraft, and said it is uncertain when and under what conditions its five MAX aircraft on lease will return to service and the rest will be delivered.