Avolon posts 49% increase in 3rd quarter adjusted net income

Avolon reported that lease revenue increased by US$43.2m, or 31.4%, to US$180.6m for the three months ended September 30th, 2015 compared to US$137.4m for the three months ended September 30th, 2014, primarily as a result of an increase in the size of its portfolio offset by a decrease in the Annualized Lease Rate of 10.9% as of September 30, 2014 to 10.8% as of September 30th. Owned portfolio continued to expand during the three months, building from 122 aircraft delivered as of September 30th, 2014 to 144 aircraft as of September 30th, 2015. As a result, aggregate net book value rose from US$5,261.6m to $6,370.2 million, an increase of 21.1%. Lease revenue benefited from 36 new aircraft deliveries during the 12 months ended December 31, 2014 and 30 new aircraft deliveries during the nine months ended September 30, 2015, which together resulted in an increase in lease revenue of US$48.6m for the 3rd quarter 2015 as compared to the previous year. Net income increased by US$14.6m, or 33.3%, to US$58.4m compared to US$43.8m in September 2014.