Air leasing revenue rises as the travel boom boosts demand for aircraft | Tech US News

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Nov 3 (Reuters) – Aircraft lessor Air Lease Corp ( AL.N ) reported a rise in third-quarter revenue on Thursday, helped by strong demand from airlines looking to expand their fleets to take advantage of a travel boom.

Airlines are increasingly opting to lease new and used new planes from lessors to offset delivery delays of planes from Boeing Co ( BA.N ) and Airbus SE ( AIR.PA ).

The Los Angeles-based leasing giant, which has a $28 billion order backlog with plane makers, said in August that the company would review progress payments it makes to Boeing and Airbus as deliveries fall behind of airplanes Read more

Still, the shortage of aircraft has pushed up lease rates in a boost to aircraft lessors such as Air Lease.

The company reported net income of $99.96 million, or 90 cents per share, compared with a profit of $100.01 million, or 87 cents per share, a year earlier.

Revenue rose to $561.3 million in the three months ended Sept. 30, up from $524.5 million a year earlier.

Reporting from Aishwarya Nair in Bangalore; Edited by Shinjini Ganguli

Our Standards: The Thomson Reuters Trust Principles.

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