DUBAI - Dubai Aerospace Enterprise, DAE, has announced that it ended Q1 2020 with available liquidity of approximately US$2.8 billion. DAE’s owned, managed and mandated-to-manage fleet exceeded 400 aircraft.
During the said period, DAE sold or novated 15 aircraft, acquired 4 aircraft and transitioned or extended leases on 8 aircraft.
Commenting on the announcement, Firoz Tarapore, DAE’s Chief Executive Officer, said, "In these unprecedented times, DAE has positioned itself to operate calmly and to balance the needs of all our important constituents – employees, customers, bondholders and banks, and shareholders." He said that during the last two years, the company managed to raise significant liquidity to protect our business from unforeseen market developments.
"DAE was also able sell more assets than we acquired to proactively manage our portfolio composition, refrain from placing speculative OEM orders to avoid steep contingent liabilities, and build a large-scale aircraft asset management business to help investors navigate the complexities of committing capital to this sector," Tarapore noted.
Today, the company has over US$2.8 billion of available liquidity and modest liquidity requirements of approximately US$430 million for bond maturity and capex commitments over the next 12 months.
© Copyright Emirates News Agency (WAM) 2020.