Tuesday 24 April 2018

Pre-tax profits at Dublin-headquartered SMBC Aviation Capital soared to €308m

Peter Barrett, chief executive of SMBC Aviation
Peter Barrett, chief executive of SMBC Aviation
John Mulligan

John Mulligan

Pre-tax profits at Dublin-headquartered aircraft leasing firm SMBC Aviation Capital soared 48pc to $346m (€308m) in the 12 months to the end of March, as it continued to benefit from a strong appetite for jets, particularly in Asia.

Revenue at the company, whose chief executive is Peter Barrett, rose 11pc to $1.16bn (€1.03bn), according to results released this morning.

SMBC Aviation Capital has a fleet of 670 aircraft, including owned, managed and on-order jets. Its aircraft assets increased by 3pc to $10.5bn (€9.3bn) during the financial year.

“This has been another year of strong financial and operational growth, which is testament to the strength of our strategy of continued investment in young aircraft, combined with trading through the cycle,” said Mr Barrett.

He said that the firm saw significant investor demand for its portfolio during the last financial year, and sold 39 aircraft to 24 different investors, 20 of which were new customers.

“This enabled us to lower the weighted average age of our overall portfolio to 4.5 years,” added Mr Barrett. “When combined with our order book of 110 Airbus A320neo and 90 Boeing 737 Max aircraft, this supports us in maintaining one of the youngest, most technologically advanced and fuel efficient fleets in the industry.”

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