Avolon eyes opportunities in Iran

Iran is set to create a boom for aircraft lessors as the country needs hundreds of modern aircraft that western manufacturers will not be able to meet due to a years-long order backlog, the head of Irish lessor Avolon said yesterday.

Avolon — which yesterday reported a 74% annualised rise in first half net income to $105m (€96.3m) — said the country could catch up with neighbouring Turkey, which has a similar population and a fleet of 500 planes.

“Iran, I think, will be a boom, a real opportunity for the lessors in the next couple of years,” Avolon’s chief executive, Domhnal Slattery said yesterday.