Monday 19 August 2019

Dublin-based SMBC Aviation Capital reports record profits

SMBC said its operating income for the last financial year hit $1.1bn (€970m)
Stock Image
SMBC said its operating income for the last financial year hit $1.1bn (€970m) Stock Image
John Mulligan

John Mulligan

Dublin-based aircraft lessor SMBC Aviation Capital has reported record profits of $344m (€303.6m) for its last financial year.

The figure for the 12 months to the end of March this year was up 8pc on the previous year.

SMBC said its operating income for the last financial year hit $1.1bn (€970m), also a record for the group, which is owned by Japan's Sumitomo Mitsui Financial Group and Sumitomo Corporation.

SMBC is the world’s fourth largest aircraft lessor. It ended the last financial year with aircraft assets worth $11.9bn (€10.5bn), compared to $10.3bn a year earlier.

The lessor placed an order for 65 Airbus A320 neo aircraft last year, with a list price of almost $7.5bn.

It has a total owned, managed and on-order fleet of 731 jets. Most of its owned fleet comprises narrowbody aircraft including the Boeing 737-800 and Airbus A320-200.

SMBC chief executive Peter Barrett said the A320 neo order last year highlights the company’s commitment to future growth.

“Confidence in our strategy was evidenced by our shareholders following a substantial capital raise of $1bn,” he said.

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