UAE – Mubasher: Dubai Aerospace Enterprise (DAE) reported $984.1 million in revenues during the first nine months of 2020, down from $1.085 billion in the same months of 2019.
The company's net income declined to $167.3 million in the January-September period of 2020 from $260.5 million in the year-ago period of 2019, according to a press release on Wednesday.
The consolidated financial results of the company saw an 18% pre-tax profit margin in the first nine months of 2020, compared to 26% in the corresponding period of 2019.
Commenting on the company's performance, DAE's CEO, Firoz Tarapore, said: "During Q3 2020, we signed agreements to acquire 31 aircraft with a total value of approximately US$1.1 billion, of which approximately $0.2 billion was booked in Q3 2020. The remainder will be booked in Q4 2020 and 2021."
Tarapore noted: "Throughout the quarter, we maintained robust liquidity and ended this period with available liquidity of $2.1 billion after repaying a $430 million bond in August."
