Deccan, IndiGo deals excellent examples of sale and lease-back arrangement: Genesis CEO

Shannon, Ireland: Genesis Lease Limited today announced its financial results for the second quarter ended June 30, 2007.
For the quarter, revenues were $43.8 million, compared to $36.5 million for same period in 2006, an increase of 20.1%. Net income was $11.4 million, compared to $7.1 million for the same period last year, an increase of 59.0%. For the six months ended June 30, 2007, revenues were $86.0 million, compared to $72.4 million for the same period last year, an increase of 18.8%. Net income was $22.4 million, compared to $14.2 million for the same period last year, an increase of 57.1%. Increases in both year-over-year revenues and net income reflect primarily the acquisition of additional aircraft during 2006.
For the quarter ended June 30, 2007, EBITDA was $38.9 million, compared to $35.7 million for the same period in 2006, an increase of 9.0%.
John McMahon, Chief Executive Officer of Genesis, said, "During the second quarter, Genesis executed successfully against our business plan, signing separate agreements with Air Deccan and IndiGo Airlines to purchase four new Airbus A320 aircraft. These recent agreements are excellent examples of how the carriers are utilizing sale and lease-back arrangements to finance new additions to their fleets."
In April and June 2007, Genesis signed agreements to purchase four new Airbus A320 aircraft -- two from Air Deccan and two from IndiGo Airlines, both of India. Genesis took delivery of two of these aircraft (one from each of Air Deccan and IndiGo) in July 2007, and the remaining two will be delivered in September 2007. All four aircraft are subject to long-term leases to Air Deccan and IndiGo.
Genesis made its first borrowings under the credit facility in July 2007 in connection with the deliveries of aircraft from Air Deccan and IndiGo.
Genesis Lease Limited is a global commercial aircraft leasing company that is headquartered in Shannon, Ireland.
25/07/07 PRIME NEWSWIRE/CNNMoney.com

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Categories: Air Deccan Jul 2007, Foreign Jul 2007, Indigo Airlines Jul 2007