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Macquarie jet division holds profit steady at $51.1m


(stock photo)

(stock photo)

(stock photo)

The Dublin-based Macquarie Aircraft Leasing posted a $51.1m (€46.8m) profit in its last financial year - unchanged on the previous year - even as turnover fell to $146m from $165.3m, newly filed accounts show.

The leasing firm - part of Australia's global Macquarie investment bank - had a fleet of 38 aircraft at the end of March last year. That compared with 49 a year earlier.

Eight of its aircraft are leased to other Macquarie firms, while 30 are leased to airlines.

The accounts also show that the company paid a $25m interim dividend during the 2019 financial year, compared with $93.9m a year earlier. Its operating profit slumped to $36.3m from $77.7m.

The firm's operating lease income last year was $122.5m, which compared with $134.9m a year earlier.

The Dublin unit is part of the wider Macquarie AirFinance Group, which manages a fleet of almost 200 aircraft across the world and was established in 2006. It has 60 aircraft on order.

In December, Macquarie signed a deal to sell a 25pc stake in the AirFinance division to Sunsuper.

Sunsuper is one of Australia's largest superannuation funds. Its head of alternative strategies, Bruce Tomlinson, said that Sunsuper would help to grow the leasing business.

"The investment is unique in its size and structure for an Australian superannuation fund and will deliver strong returns to Sunsuper members for the next decade," he added.

Last year, Macquarie also sold 25pc of Macquarie AirFinance Group to Dutch infrastructure fund PGGM.

PGGM is a €211bn Dutch asset manager.

Macquarie's head of transportation finance, Stephen Cook, said at the time that PGGM was an "ideal partner" to support the group's strategy for continued investment in the aircraft operating lease sector.

Irish Independent