Profits at aircraft lessor Avolon rose more than 900 per cent to $76 million (€68 million) in the three months ended June 30th, new figures show.
The Dublin-headquartered company said on Thursday that lease revenues rose 22 per cent to $613 million during the second quarter of the year from $539 million during the same period in 2022.
Net income was $76 million for the quarter, nine and a half times the $8 million that Avolon earned in the three months to June 30th last year.
Avolon confirmed recently that it had ordered 40 Boeing 737 Max aircraft and 20 Airbus A330neo jets.
The company agreed 31 leases during the quarter, including new agreements, follow-ons and extensions of existing deals.
Andy Cronin, chief executive, said the quarter had been “excellent” for Avolon.
“Our commitment with Boeing for 40 new 737 Max aircraft and Airbus for 20 new A330 neo aircraft reflects our confidence in the future outlook of the industry and our customers’ demand for additional aircraft to meet future growth plans in an under supplied market,” he added.
Avolon buys aircraft from manufacturers and leases them to airlines. On June 30th the company owned, managed, or had pledged to buy, 875 planes.
