Avolon second quarter profit dips to $185m

Profit at aircraft lessor Avolon fell by 26 per cent in the second quarter compared to the previous year while the value of its assets climbed marginally to $28.3 billion.

The Dublin-headquartered leasing company said profit dipped to $185 million for the three month period in which it generated $423 million of net cash from operating activities.

Avolon, the world’s third largest aircraft lessor, owned and managed a fleet of 530 aircraft by the end of the second quarter and had total orders and commitments for 393 new technology aircraft. By the end of June, it also had $16.6 billion of future contracted rental cashflows.

“Our strong cashflow generating capabilities and consistent aircraft trading performance, coupled with our capital raising activities, resulted in Avolon ending the quarter with $6.4 billion of total available liquidity,” said Dómhnal Slattery, Avolon chief executive.

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The company’s net debt stood at 2.1 times equity by the end of the quarter.

At the Paris Air Show in June, Avolon signed a deal for 140 engines valued at $2 billion (€1.78 billion) at list prices to power a portion of its burgeoning Airbus A320 neo portfolio.

The lessor ordered 140 Leap-1A engines from CFM International, a US joint venture between GE Aviation and Safran Aircraft Engines.