UAE - Mubasher: The net profits of Dubai Aerospace Enterprise (DAE) plunged to $8.3 million during the first quarter (Q1) of 2021 from $76.7 million in the year-ago period.

The company's revenues reached $307.5 million in the first three months of 2021, down from $352 million in the same period of 2020, according to a press release on Wednesday.

The global aviation services company reported the adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) of $273.4 million in Q1-21 from $321.8 million in the same period of 2020.

The CEO of DAE, Firoz Tarapore, said: "Revenue at DAE’s Engineering division hit a record high, and DAE’s Aircraft Leasing division recorded sequential growth in Lease Revenue driven by net additions to our owned portfolio."

Tarapore added: "Air traffic demand in large domestic markets is recovering at an encouraging pace; however, cross-border travel is recovering at a slower and more uneven pace despite considerable pent-up demand globally."