Dublin-based aviation leasing company Avolon has reported higher income and lease revenues for the third quarter of 2022 compared to the same time last year
Avolon said its lease revenues rose to $546m in the third quarter of this year from $518m in the third quarter of 2021.
Its net income jumped to $141m from $6m when Covid restrictions were still affecting the airline industry.
During the third quarter, Avolon said it executed a total of 54 lease transactions including new aircraft leases, follow-on leases and lease extensions.
It sold 13 owned aircraft and four engines during the quarter and also entered into Letters of Intent for the sale of seven owned aircraft.
Avolon also said it delivered a total of four aircraft to three customers and transitioned seven aircraft to follow-on lessees.
The company said it owned and managed a fleet of 568 aircraft at the end of the quarter, with total orders and commitments for 265 fuel-efficient, new technology aircraft.
Its average fleet age is 6.4 years with an average remaining lease term of 6.8 years, it added.
Avolon's recently appointed chief executive Andy Cronin said the third quarter contained a number of key milestones for the business.
This included delivering its strongest and most profitable quarter post pandemic, a landmark aircraft financing transaction with Malaysia Airlines and the successful completion of its leadership transition.
"We also raised close to $1 billion of new capital and saw all of our key financial metrics strengthen during the quarter, further enhancing our balance sheet," Mr Cronin added.
The CEO said that as the recovery in international and long-haul traffic gains momentum, Avolon was seeing robust demand at attractive lease rates for its young, fuel-efficient aircraft.
"This market backdrop, our balance sheet strength and our strong cashflow profile positions Avolon to continue to drive an improving earnings performance in the period ahead." he added.
