UAE – Mubasher: The net profits of Dubai Aerospace Enterprise (DAE) plunged by 22.5% to $76.7 million in the first quarter of 2020 from $99 million during the same quarter of 2019.
The company's total revenues amounted to $344.2 million in the Q1-2020, down from $360 million in the same period of 2019, according to the company's consolidated financial results for the period ended 31 March 2020.
The adjusted EBITDA totalled $313.9 million for Q1-20, decreasing from $349.4 million in the year-ago period.
The pre-tax profit margin and pre-tax return on equity accounted for 24% and 10.9%, respectively.
Commenting on the company's performance in the first quarter, the CEO of DAE, Firoz Tarapore, said: "Revenue and Net Income in Q1 2020 were lower attributable primarily to approximately 20 fewer aircraft in the Owned Aircraft portfolio resulting from asset sales in 2019, and timing of gain on sales of aircraft."
Tarapore added: "All three of our investment-grade ratings were affirmed since the start of the pandemic, reflecting our strong liquidity position, modest liquidity requirements, disciplined financial management, and a leading market position."
