Avolon 2019 First Quarter Lease Revenue Down 4% Y/Y
MAY 6, 2019 - 6:40 am
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:
Gain on disposal of PPE / finance lease receivables of $83 million, up 938% from $8 million in Q1/2018
Profit for the quarter of $176 million, up 16% from $152 million in Q1/2018
Total available liquidity of $5,348 million, up 3% from $5,212 million in Q1/2018
Total assets of $27,490 million, down 3% from $28,273 million from in Q1/2018
$454 million of net cash from operating activities in the quarter
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:
Owned and managed fleet of 553 aircraft, with total orders and commitments for 398 new technology aircraft
Executed a total of 8 lease transactions in the quarter comprising new aircraft leases, followon leases and lease extensions
Delivered a total of 12 new aircraft to 9 customers and transitioned 4 aircraft to follow-on lessees
Sold 20 aircraft during the quarter including the sale of 10 regional aircraft
Total of 150 airline customers operating in 61 countries.
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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