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China Aircraft Leasing Group Holdings reports 62% profit hit from COVID-19
March 16th 2021
China Aircraft Leasing Group Holdings (CALC) said yesterday it would take time for the aviation industry to bounce back after the lessor reported net profit for the 12 months to December 31, 2020 fell 62.7%, to HK$334.1 million (US$43 million), from HK$896 million 12 months earlier. Read More » Revenue was off 1.1%, to HK$3.49 billion, CALC said in a regulatory filing to the Stock Exchange of Hong Kong yesterday. "The group envisages that as vaccines are gradually administered to the world population and cross- border restrictions are lifted, the reviving economy will again spur demand for global air connectivity," CALC CEO, Poon Ho Man, said in the financial results. "Recovery of the aviation industry and the general economy as a whole is likely to be gradual and uneven, with timing uncertain. Yet China obviously will be leading the recovery momentum in this region." The company had 128 aircraft in its fleet at December 31, 2020, down from 134 aircraft at year end 2019.
