Air lease profit rises on strong aircraft demand

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Leasing companies are cashing in on growing interest for their new and used aircraft as a boom in global travel has seen more airlines opting for leasing services to offset delivery delays from planemakers Boeing (NYSE:BA) and Airbus.

This has also led to high leasing rates boosting profit for aircraft lessors.

The company reported a net profit of $122 million, or $1.10 per share, for the three months ended June 30, compared with a profit of $105.9 million, or 95 cents per share, a year ago.

Revenue rose 20.7% to $672.9 million in the quarter.