Independent engine lessor Willis Lease Finance cites “reduced gains on the sale of leased equipment” for a 36% decline in first quarter net income to $1.6 million. Willis concluded the quarter with 193 engines, three aircraft parts packages, and seven aircraft in its portfolio. Net book value of the portfolio is $1 billion, a 4.6% increase over the same period last year, when the company had five more aircraft on its books. The net portfolio value increase is due largely to a ...

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