The Middle East’s largest aircraft lessor granted rent deferral requests from 34 airlines in the first six months of 2020 and is also currently evaluating similar requests from 24 airlines.
Dubai Aerospace Enterprise (DAE) said in its H1 results that it expects to provide additional assistance to its airline clients amid the industry-wide revenue crunch.
DAE achieved $121 million in net profits during the first-half of 2020, despite the ongoing coronavirus crisis. Revenues for the period reduced to $672 from $735 million in H1 2019.
“Our financial results for the first half of 2020 were characterised by excellent and abundant liquidity, strengthening balance sheet and lower reported profitability,” said Firoz Tarapore, CEO of DAE.
“The reported net Income in H1 2020 was lower attributable primarily to 23 fewer aircraft in the owned aircraft portfolio, fewer asset sales resulting in lower gains on sale of assets, reduced finance income, and higher provisions for trade receivables offset by lower interest expense.”
As of 30 June DAE had $2.8 billion of cash and available liquidity. During the first-half of the year, DAE repurchased $187 million of its bonds and has $229 million of remaining repurchase authorisation.