Demand jet sees profit soar to €280m on the website smbc aviation

  • Demand jet sees profit soar to €280m on the website smbc aviation
    Independent.t. E.
    Dublin-the website smbc Aviation Capital, one of the largest aircraft lessors in the world, saw its pre-tax profit edge 2.2 PC above $319.3 m (€280.8 m) last year as the sector continues to be in demand from airlines for aircraft.
    https://www.independent.ie/business/irish/jet-demand-sees-profits-soar-to-280m-at-smbc-aviation-37224627.html
    https://www.independent.ie/business/article37224626.ece/3fc1c/AUTOCROP/h342/2018-08-17_bus_43345415_I1.JPG

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Dublin-the website smbc Aviation Capital, one of the largest aircraft lessors in the world, saw its pre-tax profit edge 2.2 PC above $319.3 m (€280.8 m) last year as the sector continues to be in demand from airlines for aircraft.

Sales at the firm, owned by Japan’s Sumitomo Mitsui financial group and Sumitomo Corporation, fell by 4.7 PC to $1.03 billion (€906m) within 12 months before the end of March. This figure includes $962.6 m in revenue in rent.

The company, headed by chief Executive, Peter Barrett, had $10.3 billion (9 billion euros) in assets at the end of the financial year, along with $7.2 billion in loans.

Account for business also show that total compensation in the company last year rose 7.6 PC to 22.5 million (€19.8 m). This increase is mainly attributable to increases of $1.1 million in long-term benefits.

With smbc automatically 29.2 PC of the proceeds to hire in Europe, 8.1 PCs in Asia, 18.5 PC in the developing countries of Asia, and 21pc in South America. Another 11.9 PC was removed from the developing European countries, from 6.8 PC in North America and 4.5 PC from the Middle East and Africa.

“Modern foundations of the demand for leasing of aircraft strong,” said Mr. Barrett in the annual report.

“Against the background of continuing growth in air traffic, airlines continue to expand its network and flight frequency, stimulating demand for new and replacement aircraft.”

The tenant paid $67.5 million (€59.3 m) in personnel costs during the financial year, when 173 people.

In fiscal year 2015, smbc has placed orders for 110 Airbus A320neo and 5 A321ceo aircraft. It also has orders for 90 aircraft Boeing 737 Max8 aircraft. In 2017 and 2018 the landlord applied for more than nine aircraft.

It currently employs 675 owned, managed and ordered aircraft.

Combined remaining obligation to purchase orders is $25.9 billion (€22.8 bn) and delivery is planned from 2018 to 2023.

“These obligations are based on fixed-price contracts with the producers, the element of which is adjusted for inflation and include price escalation formulas, and provided that the agreed price concessions where applicable,” reads the statements.

“Effective purchase cost of each aircraft will be less than the aggregate purchase obligation described above.”

All smbc planes should be available before the end of March 2019 have already been placed with customers.

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