Sunday 24 June 2018

Profits hit $319.4m at Dublin based aircraft lessor

During the 12 month period aircraft related assets stood at $10.3bn at SMBC Aviation Capital (Stock image)
During the 12 month period aircraft related assets stood at $10.3bn at SMBC Aviation Capital (Stock image)
Ellie Donnelly

Ellie Donnelly

Dublin based aircraft lessor SMBC Aviation Capital has reported a 2.2pc rise in profit before tax to $319.4m (€270.5m) in the 12 months to 31 March, marking another year of record profitability for the group.

During the 12 month period aircraft related assets stood at $10.3bn, according to results from the company released today.

The group’s core lease revenue increased by 1.1pc to $934m compared to 2017, with overall income from continuing operations steady at $1.033bn for the year.

Commenting on the results, Peter Barrett, CEO of SMBC Aviation Capital, said that the group's trading performance has been "strong", and has included a number of large scale bilateral deals including the sale of an eight, narrow-body aircraft portfolio to Genesis Aircraft Services and the completion of a 19-aircraft sale to Aircastle.

"These transactions, among others, have allowed us to deliver on our strategy of actively trading and managing our portfolio, the average age of which is 4.5 years. Our fleet continues to be one of the best amongst lessors with 22pc made up of the newest technology aircraft," Mr Barrett said.

During the period the group signed contracts for 43 aircraft on sale and leaseback, while it raised $1.4bn in third party finance, including $600m primarily primarily through an Asian syndicated finance. 

"Our team’s achievements during the year, which is demonstrated in our ability to deliver for our customers and the consistent execution of our strategy have positioned us well to continue to grow in this sector," Mr Barrett said.

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