Fly Leasing sees strong growth in revenues

Fly Leasing, a Dublin-based and New York-listed aircraft leasing company led by Aer Lingus chairman Colm Barrington, announced strong growth in its revenues and profits yesterday. The company reported net income for 2012 of $47.7 million, up from $1.1 million the previous year.

Its revenues increased to $376.4 million from $230.7 million in 2011. The company increased its dividend payment by 10 per cent to 84 cent a share.

The increase in earnings reflected the growth in its aircraft portfolio, which has doubled in size over the past two years, the company said.

“We had good leasing income and did a few good deals,” Mr Barrington said.

At the end of 2012, Fly had 109 aircraft on lease to 55 airlines in 32 countries.

He said Fly Leasing would spend between $300 million and $500 million this year on acquiring 10 or 12 aircraft after securing additional funding in 2012.

“Airline traffic was up 5.5 per cent worldwide in 2012 and IATA is expecting this year to be another good year,” Mr Barrington added.

In relation to Aer Lingus, Mr Barrington welcomed the European Commission’s recent decision to reject Ryanair’s offer for the company.

He is now hopeful that the UK Competition Commission will rule that Ryanair should be forced to sell its 29.8 per cent stake in Aer Lingus.