Fly Leasing’s quarterly profits top €12 million

Profits at Fly Leasing, the Irish-based aircraft financier led by Aer Lingus chairman, Colm Barrington, topped €12 million in the three months ended September 30th, according to figures just released.

Fly’s third quarter results show that the company earned net income during the period of $15.4 million (€12.4 million) on total revenues of $105.4 million.

Total assets on September 30th were $3.7 billion while the company had $212.8 million cash. The figures excluded $400 million raised through a bond issue in early October.

Commenting on the results, Mr Barrington, Fly’s chief executive, said the company had another strong quarter with revenue growth of more than 30 per cent.

“We have grown our fleet to 121 aircraft with the acquistion of five aircraft in the third quarter, maintaining our average fleet age at just over eight years and increasing our average lease term to approximately five years.”

Fly will pay a 0.25 cent a-share third-quarter dividend to shareholders next Thursday, November 20th.

The company leases Airbus and Boeing craft to 67 airlines in 37 countries. At the end of September, all of its 121 craft were leased. Fly is based in Dublin and is listed in New York.