Plane lessor DAE confident of market recovery despite slide in Q1 profit | The National
Dubai Aerospace Enterprise (DAE), one of the world's biggest plane lessors, said a faster pace of vaccination roll-out over the next six months will boost air travel growth, after it posted a decline in first-quarter profit.
Profit for the period fell to $8.3m in the first three months of 2021, from $76.7m in the same period last year, DAE said in a statement on Wednesday. Adjusted profit for the period stood at $24.4m after adding back one-off debt redemption costs.
Total revenue for the first quarter dropped to $307.5m, compared to $352m in the same quarter in 2020.
"We remain confident that deployment of vaccines in the next six months will be faster and more broad-based than it has been, and this will form the foundation for the next leg-up in international, regional and domestic air travel growth," Firoz Tarapore, chief executive of DAE, said.
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