Aircraft lessor earns $32.7m in Q1
The aircraft leasing firm at the centre of the biggest deal in Irish corporate history recorded pre-tax profits of $32.7m (€24m) in the first quarter of last year.
Dublin-based SMBC Capital Aviation, formerly RBS Capital Aviation, was bought from RBS by Japan's second-biggest bank for more than €5.8bn.
The Dublin-based firm is one of the top five commercial airline lessors worldwide by scale. New figures show that it recorded pre-tax profits of $32.7m in the three months to the end of March 31, 2012.
The firm had sales of $150.9m in the same period. It recorded pre-tax profits of $179.1m on revenues of $617.4m in the 12 months before that date. The firm had total assets of $6.39bn at the end of March last.
SMBC Aviation Capital focuses on specific aircraft types and today 94pc of the firm's fleet is comprised of Airbus A320 and Boeing 737 Next Generation family aircraft with an average age of four-and-a-half years.
RBS Capital Aviation was spawned from International Aviation Management, a company established by Clare-born entrepreneur Domhnal Slattery.
Mr Slattery sold International Aviation Management to RBS in 2001 for an estimated £30m. He eventually went on to establish aircraft leasing firm Avolon, also based in Dublin.