China Aircraft Leasing posts mixed first half 2024 results, declares dividend

China Aircraft Leasing Company (CALC) has posted its first half 2024 results. It reported revenues of HK$2.5bn ($320.6 million), up 8.7% compared to the same period last year. However, profits were down 34.5% from last year to HK$131.7 million ($16.9 million), or an earnings per share of HK$0.177. For the six month period ending June 30, 2024, it reported an EBITDA of HK$2.5bn ($320.7 million). The company declared a dividend of HK$0.12 per ordinary share, totalling HK$89.4 million ($11.5 million). ""In the first half of 2024, CALC remained dedicated to its core business and secured stable performance,"" said CALC CEO and executive director Mike Poon. ""Our premium assets and strong liquidity have enabled us to generate long-term value for our shareholders."" For the period, it recorded a total rental revenue of HK$2.2bn ($282.1 million), up 8.1%. Financial lease income was flat at a positive 1.2% with HK$300.2 million ($38.5 million), while operating lease income was up 9.2% to HK$1.9bn ($243.7 million). Net income from aircraft transactions and trade in aircraft spare parts was down 43.2% to HK$25.4 million ($3.3 million). Total operating expenses climbed 18% to HK$2.4bn ($307.8 million). Poon added: ""As we look forward to the second half, we are confident in maintaining high quality growth, expanding our global network and enhancing our service capabilities. We will actively improve our liquidity through portfolio trading and implement more flexible fleet and financing strategies, allowing CALC to capitalise on market opportunities and navigate the ever evolving aviation landscape."" In addition, its assets were valued at HK$64bn ($8.2bn) as of June 30, 2024, up 7% compared to December 31, 2023. In addition its liquidity position improved 15.5% compared to the end of last year, reaching HK$6.1bn ($782.3 million). The company completed a total of 17 aircraft sales and purchase agreements during the first half of the year. As of June, 30, 2024, the group had a total of 129 aircraft on backlog, including 102 Airbus and 27 COMAC aircraft. It delivered a total of 12 new aircraft during the review period. As of June 30, 2024, the group’s fleet size reached 199 aircraft, including 172 owned aircraft and 27 managed aircraft.