The aircraft leasing company said it will continue to "aggressively" pay down existing high-cost debt facilities to lower the cost of debt against its existing assets, and will seek to re-leverage existing aircraft to lower the cost of debt and increase its gearing ration to release cash for further aircraft acquisitions.
"Further acquisitions are expected deliver economies of scale that will lead to an increase in profitability. The company will also seek to optimise structures for tax and finance purposes to increase returns to shareholders," it said.
It reported earnings per share of
It made progress on paying down debt, with total liabilities decreasing to
Last December, it extended the leases of two of the A321-200 aircraft, which are leased to a "major" European airline, to 2021.
It had previously warned that the extensions have resulted in slightly lower revenue and net income yield from the aircraft, a trade off for getting the extension. However, it expects to benefit from the current low interest environment when it re-finances the debt secured on the aircraft early next year.
"The two aircraft are significant components of the balance sheet and represent over 60% of the total assets of the group. This has resulted in a misalignment of the debt facility maturities associated with these aircraft, which will be refinanced on maturity," it said in its statement Thursday.
"The prevailing low interest rate environment will likely result in an improvement in the net yield upon the re-finance of the debt facilities which mature in early 2015," it added.
It is currently not included in
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