Avolon enjoys €11m year-on-year profit rise

Dublin-headquartered aircraft leasing company Avolon has seen year-on-year profits to the end of September climb by more than €11m.

Total revenue increased by €107.5m to €433.3m, thanks largely to leasing revenues which grew €32m in the first nine months of the year, according to latest filings lodged with the Securities and Exchange Commission.

The company’s total owned, managed, and committed fleet has also grown to date this year to 227 aircraft, up from 179 last year.

In July, Avolon announced a commitment to acquire 15 Airbus A330neo aircraft valued at $4.1bn (€3.22bn) at current list prices, with the company becoming the launch customer for the new aircraft scheduled for delivery from 2018 onwards. Avolon’s third-quarter trading update shows that the company took delivery of eight owned and one managed aircraft, and sold two aircraft in the first nine months of the year.

“Avolon’s investment strategy is focused on acquiring a portfolio of young, modern, fuel-efficient narrowbody and widebody commercial aircraft,” the update reads. Avolon’s customer base has also increased by 12 airlines to date in 2014, with the company now serving 49 customers in 27 countries.

In August, China’s AVIC Capital Company announced, in a statement to the Shanghai Stock Exchange, that it was in talks with Avolon over the possible acquisition of the business founded by Clare-born entrepreneur Dómhnal Slattery — although Avolon declined to comment on the statement at the time. Last year, six of Avolon’s top executives, including Mr Slattery, took home €5.17m in a bumper pay pot.


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