Avolon’s third quarter profit hits €5.15m

Irish aircraft lessor Avolon earned profits of more than €5 million in the three months ended September 30th, the latest figures show.

Avolon combines its own cash with debty to buy aircraft from manufacturers including Airbus and Boeing, which it leases to airlines around the world.

The Dublin-headquartered company said on Thursday that it earned profits of $5.9 million (€5.15 million) in the three months ended September 30th, its third quarter.

The profit marks a turnaround from the $4 million loss Avolon incurred during the third quarter of last year, when world aviation was still struggling with Covid-19 curbs.

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Lease revenue was level with the same period in 2019 at $518 million. Avolon said that it generated $237 million cash from its business.

Assets

Total assets, mainly its fleet of aircraft, stood at $30.36 billion on September 30th, against $30.84 billion at the end of 2020.

The group had $6.6 billion available to it at the end of September, including $706 million in cash and $5.9 billion of debt it had not drawn down.

Avolon owned or managed a total of 585 aircraft on September 30th, with total orders for a further 245.

The Irish company completed 54 leases during the quarter, including new agreements, follow-on leases and extensions.

Dómhnal Slattery, Avolon chief executive, said the company met airline chiefs on five continents over the past three months.

“The clear message is that our customers are positioning themselves for a robust recovery,” he added.