Avolon CEO Credits China’s Reopening for Q1 Business Boost
Avolon, an aircraft leasing company, reported on Thursday that the relaxation of strict COVID-19 regulations in China has boosted levels of leasing and trading activity.
The company added three customers in the first quarter, bringing its total to 147 airlines, and executed 31 lease transactions, according to its business update. Avolon CEO Andy Cronin stated that the year started with positive momentum as airline passenger growth continues and the impact of reopening in China feeds into increasing travel in the region.
At the end of the quarter, the Dublin-based lessor owned and managed a fleet of 578 aircraft, with orders and commitments for 252 fuel-efficient, new technology aircraft. Avolon is on track to meet its target of 75% fuel-efficient, new technology aircraft by 2025, with 55% new technology currently, up from 50% a year earlier.