36% profit rise at Avolon

Dublin-based international aircraft leasing firm, Avolon has reported a 36% year-on-year increase in first quarter profits to nearly €44m.

The company, which listed on the New York Stock Exchange late last year, yesterday said that a strong first three months to the year yielded net income of $49.4m (€43.8m), with total revenue jumping by nearly 30% to $175.7m. Adjusted net income was up by 34% at $61.7m and adjusted earnings per share amounted to 75c, up from 56c.

Last month, Avolon announced the completion of a $675m (€595m) six bank- syndicate funded eight-year debt facility, which will go towards financing a 21 aircraft boost to the firm’s fleet in the coming years.