Profits at Dublin-based aircraft lessor Avolon jumped 38 per cent in the second quarter of this year, with the company reporting net income of $105 million (€97.2 million), according to its latest results.
Avolon chief executive Andy Cronin said it was “another strong quarter” for the company. “Our financial performance continued its positive trajectory, driven by high levels of demand for our assets,” he said. “Our decision to expand our order book last year has positioned us with a clear competitive advantage in an undersupplied market.
“We continue to diversify our sources of capital, raising $2.5 billion of new unsecured debt this quarter. This provides us with strong liquidity and prudent balance sheet to take advantage of growth opportunities and sustain long-term profitability.”
The group generated lease revenue of $660 million and an overall revenue of $701 million.
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It made $448 million in cash from operating activities, which was a rise of 21 per cent on the previous year. It raised $2.8 billion of debt across the public and private markets, including $2.5 billion of unsecured debt.
It said its total available liquidity at the end of the quarter was $8.2 billion.
The lessor said it delivered 15 new aircraft and transitioned 10 aircraft to a total of 16 customers, while it also sold six aircraft and entered into letters of intent for the sale of a further 17 aircraft.
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