(RTTNews) - Aircastle Ltd. (AYR: News ), a company that engages in the acquisition, lease, and sale of high-utility commercial jet aircraft, Friday reported a surge in profit for the third quarter on higher revenues.

The Stamford, Connecticut-based company's net income for the third quarter rose to $33.46 million or $0.42 per share from $23.57 million or $0.30 per share in the previous year.

Adjusted net income plus depreciation and amortization was $91.21 million or $1.17 per share, compared to $84.24 million or $1.08 per share a year ago.

Revenues for the quarter rose to $165.74 million from $144.45 million last year. The increase was driven by higher maintenance revenue of $25.9 million and $9.4 million of lease termination revenue over the same period a year ago.

Total lease rentals increased to $155.67 million from $143.79 million a year ago. Maintenance revenue increased to $31.37 million from $5.43 million last year. Other revenue rose to $9.52 million from $34 thousand in the previous year.
Total expenses for the quarter were $130.28 million, compared to $118.66 million a year ago.

For the nine-month period, net income declined to $79.50 million or $1.00 per share from $90.55 million or $1.15 per share in the same period of the previous year. Total revenues for the period increased to $434.79 million from $424.80 million last year.

As of September 30, 2009, Aircastle owned 128 aircraft having a net book value of $3.8 billion.

AYR is currently trading at $8.91, up 0.08 or 0.91%, on a volume of 319K shares on the NYSE.

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by RTT Staff Writer

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