AeroCentury Corp, an aircraft leasing organization, has reported its financial and operational performance for the third quarter of 2018.
During the time period, the company reported a net loss of $4.5 million, a substantial rise from 2018’s second quarter net loss of $81,000. From January until the end of September, the company’s net loss was $4.2 million, again showing an increase from the same time in 2017, when the company’s net loss was $1.4 million.
For the first nine months, AeroCentury Corp.’s other income amounted to $1.6 million deriving from the lease of three aircraft. The company registered a loss of $2.4 million as a result of a sale transaction for two turboprop airplanes.
AeroCentury Corp. recently expanded its business by investing in acquiring its new subsidiary, JetFleet Holding Corp. The period has been an exciting one for the company, as confirmed by Michael Magnusson, AeroCentury’s President, due to a number of internal and external restructurings.
The main priority for the company remains the creation of a modern and technologically advanced fleet that will help AeroCentury Corp. boost its presence in 2019 and attract more clients from the industry.