International aircraft lessor Avaolon reported its results for the first quarter of 2019, including lease revenue of $616 million, down 4% from the same quarter in 2018. However, its profit of $176 million for the quarter was up 16% year over year.
Other first quarter highlights included:
As of March 31, 2019, Avolon had $16.5 billion future contracted rental cashflows
At quarter end, Avolon had $5.3 billion of available liquidity in unrestricted cash, undrawn revolving credit facilities and undrawn secured and unsecured debt. 2019
First quarter operating highlights included:
Dómhnal Slattery, Avolon CEO, commented, “The first quarter represents another strong quarter of performance for Avolon, highlighted by the delivery of $176 million profit for the quarter. The strong financial performance is underpinned by another active quarter for aircraft trading – a testament to the continued hard work, focus and commitment of the Avolon team.
“Since quarter end, we have successfully achieved an investment grade ratings profile – a key corporate objective for 2019 and well ahead of our expected timeframe. Our enhanced credit rating profile will provide us with even greater financial flexibility and access to a deeper pool of capital.”
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