AIG reported that its International Lease Finance (ILFC) second-quarter operating income was $86 million, compared to operating income of $182 million in the second quarter of 2010.
During the second quarter of 2011, ILFC recorded rental revenues of $1.1 billion and depreciation expense of $459 million compared to rental revenues of $1.2 billion and depreciation expense of $480 million in the second quarter of 2010, due to a reduction in the size of ILFC’s aircraft fleet under operating leases as a result of the sales of aircraft during 2010 and 2011 and the impact of lower lease rates on used aircraft.
ILFC recorded a $61 million loss on the extinguishment of debt and $42 million of impairment charges, fair value adjustments and lease-related charges in the current quarter.
At June 30, 2011, ILFC had 933 aircraft in its fleet, compared to 946 at June 30, 2010.
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