AerCap Reports Lower 2016 Profit

Dublin-based aircraft lessor AerCap reported 2016 annual net income of USD$1.05 billion, down from $1.18 billion the previous year.

Total revenue for the year was $5.15 billion, a 3 percent drop on 2015.

For the fourth quarter to end December 2016, AerCap’s net profit came in at $364.7 million, from the prior year period of $264.2 million. Revenue in the quarter was up 2 percent to $1.37 billion.

“AerCap delivered record results in the fourth quarter, finishing off a very successful year for the company,” AerCap chief executive Aengus Kelly said.

“We continued to focus on proactive portfolio management initiatives which have resulted in executing over $3 billion in asset sales. This, combined with signing a record 279 lease agreements, illustrates the scale of AerCap’s platform and the expertise of its people.”

The company said that as of December 31, 2016, its portfolio consisted of 1,566 aircraft that were owned, on order or managed. During the year it made 458 aircraft transactions and had a 99.5 percent fleet utilisation rate.

Of new aircraft, 98 percent of deliveries to 2018, and 78 percent to 2019 have already been leased. AerCap said.

AerCap is the world’s largest commercial aircraft lessor.