Avation Expects To Return To Net Profit In FY22; Stock Up

Shares of Avation PLC (AVAP.L) were gaining around 5 percent in the morning trading in London after the commercial passenger aircraft leasing company Thursday said it will return to net profit in fiscal 2022, following a recovery in the performance of the company and the sector.

In its trading update, the company said the full-year income was around $115 million.

In the year 2021, the company had recorded net loss of $84.89 million or 131.1 cents per share, and loss before taxation of $70.22 million.

The company expects to publish its fiscal 2022 results on September 29, earlier than had previously been disclosed.

Avation said it will provide an update on its strategy for the coming years with the financial results announcement.

Regarding its strategy, the company said its key future business strategy will be to focus on leasing modern, low CO2 emissions, fuel-efficient aircraft. Avation expects to gradually trading out of older aircraft types and focussing on modern low CO2 emissions aircraft types such as the Airbus NEO and Airbus A220 series and the ATR72 aircraft with new generation engines.

Further, the company said it has been advised that it will receive an initial distribution from the Virgin Australia restructuring of 5.4 cents in the dollar on its adjudicated claim of A$101.4 million on September 15.

Executive Chairman Jeff Chatfield said, "Avation will be pleased to announce a net profit once again. Overall, we believe that air travel is gradually recovering as evidenced by global passenger numbers."

In London, Avation shares were trading at 83.37 pence, up 4.87 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Drug major Pfizer Inc. reported Tuesday higher earnings in its fourth quarter, above market estimates, and an all-time high revenues in its fiscal 2022. Meanwhile, the company projects sharply lower adjusted earnings and revenues in its fiscal 2023, below Wall Street estimates, reflecting projected decline for COVID-19 products. In pre-market activity on the NYSE, Pfizer shares were losing around Oil major Exxon Mobil Corp. (XOM) reported Tuesday that fourth-quarter net income was $12.75 billion or $3.09 per share, up from $8.87 million or $2.08 per share in the prior-year quarter. Excluding special items, adjusted earnings were $3.40 per share, compared to $2.05 per share in the prior-year... La Mirada, California-based Daiso California LLC is recalling certain Matsunaga Mini Shiruko Sand Biscuits citing undeclared soy, an allergen, the U.S. Food and Drug Administration said. The recall incolves Matsunaga Mini Shiruko Sand Biscuits with sku 4902773016966, packaged in four pink and cream bags chained together. Each individual serving is 25g for an entire product weight of 100g.
Follow RTT