#Dubai Aerospace Enterprise posts 38% drop in H1 profits - Arabianbusiness

Dubai Aerospace Enterprise posts 38% drop in H1 profits - Arabianbusiness:

Dubai Aerospace Enterprise (DAE), the Middle East’s largest plane lessor, has reported a 38 percent drop in profits for the first half of the year compared to the first six months of 2019.

The company saw its net income decrease from $197.1 million to $121.7m as a result of 23 fewer aircraft in the owned aircraft portfolio, fewer asset sales resulting in lower gains on sale of assets, reduced finance income, and higher provisions for trade receivables offset by lower interest expense.

Firoz Tarapore, chief executive officer of DAE, said: “Our financial results for the first half of 2020 were characterized by excellent and abundant liquidity, strengthening balance sheet and lower reported profitability.”