AeroCentury Corp. reported a net loss of $13.5 million for Q2 2020, significantly down from a loss of $0.1 million in Q2 2019. Year-to-date losses reached $23.7 million, impacted by $9.7 million in impairment losses on aircraft due to reduced valuations amid the COVID-19 pandemic. The company also incurred $2 million in charges related to a credit facility conversion. Average portfolio utilization fell to 91% compared to 99% in the same quarter last year. Revenues were down 37% year-over-year, with total operating expenses up 72%.
AeroCentury reported a Q1 2020 net loss of $10.2 million ($6.58 per share), a significant decline from a $1.3 million loss in Q1 2019. Impairment losses of $6.7 million were incurred due to revised estimates for aircraft sales. The COVID-19 pandemic severely impacted customer revenues, leading to requests for lease concessions. Total revenues dropped 37% to $4.8 million year-over-year. Operating expenses surged 28% to $17.7 million, driven by increased impairments and interest expenses. As of March 31, 2020, book value per share plummeted to $8.84 from $25.59 a year ago.