Dublin-headquartered aircraft leasing firm Avolon has reported a fall in revenue in the three months to the end of June, but the company also swung from a loss to a profit during the period.
Avolon earned $610m from its lease agreements with airlines around the world, down $15m (2.4%) on the same three months of 2020.
Despite that its net income for the quarter stood at $64m, compared to a $72m loss a year ago.
By the end of June the company's assets were worth $31.1 billion - up $262m year-on-year. However its available liquidity fell by $261m to $6.6 billion.
"We have passed the inflection point and the recovery in global aviation is underway," said Avolon CEO Dómhnal Slattery. "However, as we have guided previously, the recovery will be uneven across different regions and markets with the pace of vaccine roll-out being the springboard for the return to air travel.
"While we remain cautious, the scale of the increase in demand in the US over the last quarter, and the pace of vaccination programmes globally, underscores our confidence in a continuing recovery through the remainder of this year."
Avolon said it had 149 airline customers across 62 countries by the end of June.
It was managing a fleet of 581 aircraft at the end of the quarter, with orders and commitments for 256 new planes.
It sold three aircraft in the quarter, with letters of intent to sell 12 more.