Chicago Tribune reported profits of Willis Lease Finance dropped 41.4% year-to-year in the first quarter resulting from fewer leased aircraft, engines and parts.
 
According to the report, Willis recorded a profit of $2.5 million in the first quarter, down from $2.9 million the previous quarter and $4.3 million in the first quarter of 2011.
 
The company also reported 84% of the company's parts and planes were leased out during the first quarter, down from 89% in the same period of 2011. "While the oversupply of certain engine types in the market clearly impacts our utilization, there are other factors that are not market-driven that have an impact as well," Willis Lease President Donald Nunemaker said in a statement.

Total revenue fell 12.4% year-to-year to $35.7 million in the first quarter, down from $40.8 million in first quarter of 2011.

In addition to decreased leasing, the company's profit was also negatively impacted by a 49% decline in revenue from the sale of leased equipment year-to-year to $2.6 million in the first quarter.