Limerick-based aircraft lessor reports profits of €138m

Aircraft lessor Nordic Aviation Capital (NAC) earned profits of $160 million (€138 million) in the 12 months ended June 30th, according to the latest figures.

The Limerick-headquartered company said on Friday that revenues grew 16 per cent to $780 million during the 12-month period – its financial year – from $690 million.

The company earned profits before tax of $160.2 million, a 5.3 per cent increase on the $152.7 million that NAC reported after its 2017 financial year.

Nordic Aviation Capital says that it is the world’s biggest lessor of regional aircraft,that is, smaller planes, mainly up to 100 seats, used for short journeys.

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The lessor’s customers include Irish-based Stobart Air, the carrier that provides Aer Lingus’s regional services under contract.

On June 30th, the company owned 426 craft and managed a further 11. These assets were worth a total of $6.3 billion. NAC had leased the craft to 71 airlines across 48 countries.

The company spent $1.5 billion on buying planes during its financial year, adding a total of 79 to its fleet.

It employs 80 people in Limerick and has 220 workers globally, with offices in Denmark, the US, Canada, Singapore and Hong Kong.

Commenting on the results, Jim Murphy, chief commercial officer, said that the results showed its strategy was on target.