- Aircraft leasing company Avation said rent collections had improved compared in quarter ended March from the prior half year, amid ongoing challenges in the aviation industry caused by the Covid-19 pandemic.

For the quarter ended 31 March 2021, the company achieved an overall cash collection rate of approximately 71% across all its leases, an increase over the six-month period to 31 December 2020 which saw a cash collection rate of 64%.

Cashflow in the three month period ended 31 March 2021 had improved compared with that of the first half to December 2020.

At 31 March 2021, net indebtedness was reduced to US$988.1 million from US$1,039.7 million as at 31 December 2020.

Revenue and other income to 31 March 2021 totalled US$91.0 million.

Full year results are expected to be released on 30 September 2021.

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