UAE aircraft lessor DAE sees rise in loss provisions as customer revenues impacted | ZAWYA MENA Edition
Loss provisions for financial assets is expected to increase further this year if the coronavirus pandemic lasts longer, major aircraft lessor Dubai Aerospace Enterprise (DAE) said.
The company reported lower lease revenue for last year as the outbreak took a toll on the commercial air travel industry.
It posted a profit of $228 million in 2020 compared to $377.5 million in 2019, and has so far supported more than 30 carriers impacted by the outbreak, with deferral relief packages hitting $180 million as of December 31, 2020.
“Revenues for our customers have been disrupted in significant, unprecedented and unforeseen ways as governmental authorities around the world put in place necessary isolation measures to contain the spread of COVID-19,” DAE said in a statement to Nasdaq.
Headquartered in Dubai, DAE is one of the world’s biggest aircraft lessors, serving aviation companies in more than 60 countries. It acquires and leases commercial aircraft to airlines, as well as trades and manages aircraft on lease for third-party investors.
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