Aircraft lessor Dubai Aerospace Enterprise (DAE) has posted a slight decline in profit for the first three months of the year.

Total profit for the three months ended March 31, 2024 reached $67.8 million, compared to $69.2 million in the same period last year, according to a disclosure on Wednesday.

However, total revenue rose to $343.6 million from $315.2 million over the same period, an increase of $28.4 million or 9%.

The growth in revenue has been driven by strong demand for aircraft leasing and maintenance services, according to Firoz Tarapore, CEO of DAE.

Cash flow from operations also went up by 14%, while available liquidity jumped to $5 billion.

Tarapore said the company will continue to explore opportunities to expand its fleet in the leasing division and available hangar capacity in the engineering division.

(Writing by Cleofe Maceda; editing by Seban Scaria) Seban.scaria@lseg.com