Dublin-based aircraft leasing company SMBC Aviation Capital has announced its results for the financial year ended on March 31.
It reported profit before tax of $707 million, up 20% year-on-year when adjusted for receipt of Russian insurance settlement proceeds in each period.
The company's Chief Financial Officer Aisling Kenny said the company's "underlying financial performance over the year remained strong, with lease revenues growing to just under $2 billion and adjusted pre-tax income increasing $114 million year-on-year to $677 million".
"The business capitalised on robust secondary market demand, executing $2.6 billion of aircraft sales, with a further $2.6 billion committed for the year ahead."
The company said it delivered 59 new aircraft with a total value of $3.4 billion.
Lease revenue of was up by $38 million year-on-year to $1.973 billion, while servicing fee income increased to $36.7 million, up $19 million year-on-year.
SMBC Aviation Capital completed the acquisition of Sumisho Air Lease Corporation, which the company's CEO Peter Barrett called "transformative", placing "SMBC Aviation Capital at the centre of the world's leading aviation financing platform".
The company services over 170 airlines with 1,700 owned, serviced and committed aircraft.
