Fly Leasing quarterly profits rise to €15m

Profits at Fly Leasing, the listed aircraft finance group led by Aer Lingus chairman Colm Barrington, topped $17 million (€15.12 million) in the first quarter, more than four times what it made during the same period last year.

Figures released yesterday by Dublin-based Fly show total revenues in the first three months of the year grew 34 per cent to $122.5 million from $91.3 million in the first quarter of 2014.

Net income for the period was $17.3 million, 4.2 times the $3.6 million that Fly reported for the first three months of last year. Mr Barrington said that the growth in profits was due to its expanding fleet.

During the quarter Fly invested $147 million in four aircraft, while it gained $1.9 million from selling three others.

Fly last month cleared a dividend of 25 cent per share for investors which will be paid on May 20th to all those registered as shareholders on April 30th.

At the end of March, Fly's assets were $4.1 billion, which included aircraft and flight equipment worth $3.7 billion. The company had 128 Boeing and Airbus aircraft leased to 63 airlines at the end of the quarter.

Mr Barrington, who is Fly’s chief executive, described the results as strong. He noted that the airline industry is growing.

“These conditions benefit lessors, including Fly, by providing strong demand for leased aircraft with a resultant firming in lease rates and aircraft values,” he said.