China's Irish-based aircraft lessor Avolon gets earnings boost as global aviation scrambles to keep up with demand for planes

Aircraft manufacturers are stabilising production runs but problems will likely persist in the supply chain as they ramp up deliveries in the next two years, the head of the world's third-largest aircraft lessor said.

Andy Cronin, CEO of Irish aircraft leasing firm Avolon, which agreed 31 lease transactions in the last quarter, comprising new aircraft leases, follow-on leases and lease extensions.

China’s Irish-based aircraft leasing firm Avolon posted a nine fold increase in earnings as global aviation scrambles to keep up with demand for planes.

In a trading update, Avolon said profits reached €68m and the firm saw a 14% increase in lease revenue year-on-year to €546m.