Independent aircraft leasing company AeroCentury reported net income of $1.3 million for the first quarter of 2012, compared to a net loss of $2.3 million for the same period in 2011.

Total revenues were $6.8 million for the first quarter compared with total revenues of $4.9 million for the same period a year ago. The $1.9 million increase was primarily due to increases of $1.7 million and $0.3 million in operating lease revenue and maintenance reserves revenue, respectively, resulting from higher average utilization of the company’s asset portfolio in the 2012 period.

Total expenses decreased by approximately $3.6 million in the first quarter of 2012 as compared to the same period in 2011, resulting primarily from a year-over-year decrease in maintenance expense. During the 2011 period, the company said it incurred significant maintenance expense, funded by non-refundable maintenance reserves, on aircraft returned to the company during 2010.