Irish aircraft lessor Avolon earned profits of almost €143 million in the three months to the end of September, the latest figures show.
Dublin-based Avolon uses its own cash and debt to buy aircraft which it leases to airlines around the world.
The company said on Tuesday that net income for the three months to September 30th was $141 million (€142.9 million), against $6 million during the same period in 2021, when air travel had just begun recovering from Covid lockdowns.
It earned $227 million net profit in the first nine months of the year, excluding a loss of $261 million on planes leased to Russian carriers, which it was unable to recover after the country invaded Ukraine in February.
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Including the Russian losses, the company lost $33 million over the nine months to the end of September, compared with a $14 million loss in the first three quarters of 2021.
Avolon has since said that it has valid insurance cover for the Russian aircraft and will claim against these policies.
The lessor owned or managed 568 aircraft on September 30th, while it had orders and commitments for a further 265.
It completed 54 deals during the third quarter, including new leases, extensions and follow-on agreements.
Lease revenue came to $546 million during the three months while its operations generated $278 million in net cash.
Andy Cronin, Avolon chief executive, noted that the company passed key milestones during the third quarter, its most profitable since the pandemic ended, including agreeing a $2 billion financing deal with Malaysia Airlines for 20 Airbus jets.
“As the recovery in international and long-haul traffic gains momentum, we are seeing robust demand at attractive lease rates for our young, fuel-efficient aircraft,” he said.
Mr Cronin predicted that the strong market and Avolon’s financial position would boost earnings in coming months.
