Link: https://links.sgx.com/1.0.0/corporate-announcements/V2L5NZTFK8O8WUEM/d64534d4e6c28d69a7d8d37756aec7e37426dd095d061286ee9a8af705683437

Summary:

• Revenue up 19.2% to US$110.1 million; EBITDA rose 20.3% to US$107.1 million. Operating cash flow increased 12.2% to US$91.5 million; net debt reduced 7.3% to US$604.2 million.

• Company posted a net loss after tax of US$7.7 million, mainly due to US$21.6 million unrealised loss on aircraft purchase rights and higher finance expenses; basic EPS was negative (11.22 US cents).

• Fleet comprised 33 aircraft (ATR, Airbus, Boeing), all fully utilized; average fleet age 8.5 years, lease term 3.9 years. Net asset value per share increased to US$3.66.

• Major operational highlights: Acquired A320-200 on lease to Etihad, extended easyJet A320-200 lease to 2029, transitioned ATR 72-600 to Clic Air, and placed two new ATR 72-600s with South Korea and Cambodia airlines.

• Fleet optimization: Sold two ATR 72-600s and a Boeing 777-300ER at a profit, plan to use sale proceeds to reduce debt and reinvest in popular narrowbody aircraft.

• Received first-time Moody’s (B1) and Fitch (B) stable ratings; extended Singapore Aircraft Leasing Scheme tax incentive for 5 years.

• Declared interim dividend of 1.0 US cent per share; Board focused on refinancing maturing notes and prudent fleet growth, including transition to lower-emissions aircraft and SAF capability.

• Asia-Pacific air travel grew 10.6% YoY, supporting higher valuations and lease rates; order backlog for new aircraft remains strong due to supply chain constraints.

• Board and management see strong positioning for future growth, with efforts to diversify airline customer base and prioritize sustainability.

• Revenue increased 19.2% to US$110.1 million, EBITDA up 20.3% to US$107.1 million, and operating cash flow rose to US$91.5 million.

• Net loss after tax was US$7.7 million, led by unrealised loss on aircraft purchase rights and high finance expenses.

• Fleet at 33 aircraft (ATR, Airbus, Boeing), all fully leased; continued transition to lower CO2 and SAF-capable aircraft.

• Major activities included addition of Airbus A320-200 (Etihad), lease extensions, and sale of Boeing 777-300ER and ATRs for profit/fleet optimization.

• Net asset value per share increased to US$3.66; interim dividend of 1.0 US cent per share.

• Obtained new B1/B stable credit ratings from Moody’s/Fitch, extended Singapore aircraft tax incentive.

• Board targets prudent fleet expansion, further debt reduction, and successful refinancing of October 2026 unsecured notes.

• Strong Asia-Pacific market demand and favorable aircraft lease rates amid industry supply constraints.