Avolon start-up costs contribute to €24.3m loss

START-UP costs totalling $15.3 million (€10.64m) for aviation financier Domhnall Slattery’s Avolon Aerospace Leasing group contributed to the group recording a loss of $35m (€24.3m) in its first year, new figures show.

Since its launch in May 2010, the Dublin-based aircraft leasing firm has raised $3 billion (€2.08bn) in capital and a spokesman for the company said yesterday that “the business is performing ahead of expectations. It is going from strength to strength”.

Accounts filed with the Companies’ Office show Avolon Aerospace Leasing Ltd and subsidiaries recorded revenues of $13.7m to the end of December last.