Dublin-based aircraft leasing company Avolon has reported a 91% increase in net income for the first quarter of 2024 and said it had a large orderbook for the rest of the year.
Avolon said its net income jumped to $107m from $56m the same time last year, while its lease revenue rose by 4% to $621m from $599m.
The company also said it generated $337m of cash from operating activities, up 9% year on year.
During the three months from January to March, Avolon said it delivered nine new aircraft and transitioned three planes to a total of seven customers, while it also sold nine aircraft and entered letters of intent for the sale of a further 17.
It also said it added three new customers in the first quarter, giving it a total of 145 airline customers operating in 64 countries.
Avolon said it ended the quarter with an owned and managed fleet of 577 aircraft, with total orders and commitments for 456 fuel-efficient, new technology aircraft.
Andy Cronin, Avolon's chief executive, said the first quarter of 2024 demonstrates the upward financial trajectory of the business, headlined by its increasing profitability.
"Our large orderbook provides us with a clear competitive advantage in an undersupplied market. Coupled with our prudent balance sheet and liquidity position, we are in a strong position to drive further profitability and generate long-term shareholder value," Mr Cronin added.
