As of the end of last month, the Dubai Aerospace Enterprise (DAE) had granted rent deferral requests from 34 airlines.
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 $197.1M 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, CEO 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.”
The company said total revenue in the first half of 2020 reached $672.6M, down from $735.2M, adding that pre-tax profit margin was down to 20 per cent from 29 per cent in the same period last year.
