Finnair finalized a previously announced sale and leaseback arrangement with GE Capital Aviation Services for an Airbus A350 aircraft. The initial lease period is 12 years and the lease includes extension options.

According to Finnair, the arrangement has a non-recurring effect of approximately €40 million ($44.66 million) on Finnair’s operating profit for Q3/16, including a gain on sale and currency gains on pre-delivery payments and hedges.

As stated previously, a similar agreement is also in place for Finnair’s next A350 aircraft, which will materialize at the time of delivery, currently anticipated in the Q1/17.

Finnair has ordered a total of 19 new A350-900 XWB aircraft from Airbus and has now received seven. According to the anticipated delivery schedule, Finnair will have 11 A350 aircraft by the end of 2017 and 19 by the end of 2023.