Avation swung an interim profit despite revenue falling, as it significantly reduced its aircraft impairment loss.
The Singapore-based passenger aircraft leasing firm said 2022 pretax profit was $6.7 million, swinging from a loss of $15.9 million in 2021.
This was despite revenue falling 8.0% to $55.3 million from $60.1 million.
Amid various costs, and gains or losses on investments and rights, aircraft impairment loss dropped by 97% to $315,000 from $9.9 million. Finance income multiplied to $3.3 million from $330,000, while finance expenses fell 9.4% to $31.7 million from $35.0 million.
Avation PLC (LON:AVAP) is a commercial passenger aircraft leasing company owning a fleet of aircraft which it leases to airlines across the world. Avation’s future focus are new technology low CO2 emission aircraft.
