The Irish arm of aircraft leasing firm, Aercap last year plunged into the red with losses of $75m (€65.89m) in spite of revenues jumping by 30%.

Avolon Holdings, the Dublin-headquartered aircraft lessor backed by CVC Capital Partners, Cinven and Oak Hill Capital Partners, declined on its trading debut yesterday after raising $273 million (€218.8m) in a US initial public offering — the largest capital raising by an Irish company in the last seven years.

The Government sees significant potential for further growth and job creation from the aircraft leasing industry.

AIRCRAFT leaser AWAS has acquired an Airbus A319-100 and an Airbus A320-200 from International Lease Finance Corporation. The aircraft are powered by IAE V2500 engines.

Airbus has started production of its 555-seat superjumbo airliner that is scheduled to enter service in 2006 as the world’s largest passenger jet.