Aircraft lessor Avolon lost $81 million (€67m) in the first three months of the year as air travel’s recovery proved uneven. Dublin-based Avolon buys aircraft and leases them to 146 airlines around the world, earning revenues from the rent paid by customers. Avolon ended the quarter with $7.1 billion in available cash, an increase of $1.5 billion on the same period in 2020. Dómhnal Slattery, Avolon chief executive, said that while air travel’s recovery from pandemic restrictions continued to be uneven, the worst effects were behind the industry. “The increase in domestic air travel demand and rollout of vaccine programmes across the globe will continue to fuel the recovery,” he forecast.

Source: The Irish Times April 29, 2021 12:29 UTC