Dublin-based FLY Leasing has started 2015 with “strong” first quarter results according to CEO Colm Barrington.
Revenues at the lessor increased by 34 per cent year on year in Q1 to $122.5m compared with $91.3m and net income leapt to $17.3m from $3.6m in 2014.
The lessor also posted end-of-lease revenue of $21.9m compared with $3.7m last year.
Barrington cited FLY’s growing fleet as a key driver for the increasing revenues.
Over the past year FLY added 11 aircraft to its fleet – including two A320s and two A321s during Q1 2015 – taking its total fleet to 128 aircraft.
During the quarter FLY also sold three 737s for $137m, a $1.9m increase on book prices.
“We are targeting $750m in aircraft acquisitions this year and have acquired and identified $475m of aircraft to date,” Barrington said.