Aircraft leasing company Avation has posted a 62% drop in net profit in the fiscal year ending 30 June.
Profit attributable to shareholders was £2.6 million ($4.3 million), down 62% from £7 million a year ago, says the company.
Revenue increased 224% to £16.3 million from £5 million but expenses went up across the board.
"In the prior financial year the company enjoyed an extraordinary gain resulting from the spin off of Capital Lease Aviation PLC as a quoted subsidiary on the AIM market, the profits reported this year are from recurring business with no extraordinary gains," says chairman Jeff Chatfield, who is also chairman of Australian regional carrier Skywest Airlines.
The AIM refers to the Alternative Investment Market (AIM) of the London stock exchange.
Chatfield adds that the company has "had a satisfactory year with excellent and robust cash flows being recorded across the group".
The Avation group owns 11 aircraft, he says, adding that it continues to seek further acquisitions.
Source: Air Transport Intelligence news
