Latest news with #AndyCronin
Yahoo
16 hours ago
- Business
- Yahoo
Avolon Agrees to Lease 10 Airbus A321neos to AJet Hava Taşimaciliği
- Announced at Paris Air Show with Turkish Airlines subsidiary AJet - Avolon has an orderbook of 294 A320neo family aircraft - Aircraft are scheduled for delivery in 2027 PARIS, June 18, 2025--(BUSINESS WIRE)--Avolon, a leading global aviation finance company, has agreed to lease 10 Airbus A321neos to AJet, the low-cost carrier subsidiary of Turkish Airlines, the national flag carrier airline of Türkiye. The agreement was marked by a ceremony at the Paris Air Show, and the new aircraft are scheduled to be delivered in 2027. The aircraft will support AJet's fleet renewal and network expansion strategy. AJet currently operates 92 aircraft flying to 100 destinations in Türkiye, the Middle East, Europe, North Africa and CIS. Avolon has 140 A320neo family aircraft in its delivered fleet, and 294 A320neo family aircraft in its orderbook. These aircraft deliver 20% lower fuel burn, CO2 emissions and 50% noise reduction compared to previous-generation Airbus A320 aircraft. Andy Cronin, Avolon CEO, commented: "We are delighted to further strengthen our partnership with Turkish Airlines and support AJet's continued growth. Our large A320neo family orderbook is in high demand from airlines who are looking to expand their route networks and renew their fleet with new technology aircraft. This positions us as a preferred partner for airlines and, coupled with our scale and balance sheet strength, will drive sustained growth for the business well into the next decade." Prof Ahmet Bolat, Turkish Airlines Chairman of the Board and the Executive Committee, commented: "We are pleased to expand our partnership with Avolon through this latest agreement. The addition of these next-generation A321neo aircraft will support AJet's growth strategy while contributing to our sustainability goals with improved fuel efficiency and lower emissions. We look forward to continuing our cooperation as we expand AJet's network and enhance its fleet." About Avolon Avolon is a leading global aviation finance company connecting capital with customers to drive the transformation of aviation and the economic and social benefits of global travel. We pride ourselves on our deep customer relationships, our collaborative team approach, and our fast execution. We invest with a long-term perspective, diversifying risk and managing capital efficiently to maintain our strong balance sheet. Working with 141 airlines in 60 countries, Avolon has an owned, managed, and committed fleet of 1,096 aircraft, as of 31 March 2025. About Turkish Airlines Established in 1933 with a fleet of five aircraft, Star Alliance member Turkish Airlines has a fleet of 485 (passenger and cargo) aircraft flying to 353 worldwide destinations as 300 international and 53 domestics in 131 countries. More information about Turkish Airlines can be found on its official website or its social media accounts on Facebook, X, YouTube, LinkedIn and Instagram. About AJet AJet is a Turkish Airlines brand established with an innovative approach to elevate the standards of affordable travel in low-cost air transportation by offering a high quality of service. Our brand promises a safe and comfortable flight experience to our guests with a fleet of young and eco-friendly aircraft, featuring a simple and spacious design. Additionally, as a digital airline, we plan to offer a time-saving service through user-friendly applications and a reservation system that allows our guests to complete their pre-flight procedures quickly and easily. For more information and the latest updates about AJet, you can visit or follow us on our social media accounts on Facebook, X, YouTube, LinkedIn and Instagram. View source version on Contacts David Breen / Darragh CrowleyAvolon Investor Relationsir@ T: +353 1 231 5800 Douglas KeatingeAvolon Head of Communicationsdkeatinge@ T: +353 86 037 4163 Turkish Airlines of Media RelationsTel: +90 (212) 463 63 63 – 11153 / 11173Fax: +90 (212) 465 20 78press@ Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Business Wire
16 hours ago
- Business
- Business Wire
Avolon Agrees to Lease 10 Airbus A321neos
PARIS--(BUSINESS WIRE)--Avolon, a leading global aviation finance company, has agreed to lease 10 Airbus A321neos to AJet, the low-cost carrier subsidiary of Turkish Airlines, the national flag carrier airline of Türkiye. The agreement was marked by a ceremony at the Paris Air Show, and the new aircraft are scheduled to be delivered in 2027. The aircraft will support AJet's fleet renewal and network expansion strategy. AJet currently operates 92 aircraft flying to 100 destinations in Türkiye, the Middle East, Europe, North Africa and CIS. Avolon has 140 A320neo family aircraft in its delivered fleet, and 294 A320neo family aircraft in its orderbook. These aircraft deliver 20% lower fuel burn, CO2 emissions and 50% noise reduction compared to previous-generation Airbus A320 aircraft. Andy Cronin, Avolon CEO, commented: 'We are delighted to further strengthen our partnership with Turkish Airlines and support AJet's continued growth. Our large A320neo family orderbook is in high demand from airlines who are looking to expand their route networks and renew their fleet with new technology aircraft. This positions us as a preferred partner for airlines and, coupled with our scale and balance sheet strength, will drive sustained growth for the business well into the next decade.' Prof Ahmet Bolat, Turkish Airlines Chairman of the Board and the Executive Committee, commented: 'We are pleased to expand our partnership with Avolon through this latest agreement. The addition of these next-generation A321neo aircraft will support AJet's growth strategy while contributing to our sustainability goals with improved fuel efficiency and lower emissions. We look forward to continuing our cooperation as we expand AJet's network and enhance its fleet.' About Avolon Avolon is a leading global aviation finance company connecting capital with customers to drive the transformation of aviation and the economic and social benefits of global travel. We pride ourselves on our deep customer relationships, our collaborative team approach, and our fast execution. We invest with a long-term perspective, diversifying risk and managing capital efficiently to maintain our strong balance sheet. Working with 141 airlines in 60 countries, Avolon has an owned, managed, and committed fleet of 1,096 aircraft, as of 31 March 2025. About Turkish Airlines Established in 1933 with a fleet of five aircraft, Star Alliance member Turkish Airlines has a fleet of 485 (passenger and cargo) aircraft flying to 353 worldwide destinations as 300 international and 53 domestics in 131 countries. More information about Turkish Airlines can be found on its official website or its social media accounts on Facebook, X, YouTube, LinkedIn and Instagram. About AJet AJet is a Turkish Airlines brand established with an innovative approach to elevate the standards of affordable travel in low-cost air transportation by offering a high quality of service. Our brand promises a safe and comfortable flight experience to our guests with a fleet of young and eco-friendly aircraft, featuring a simple and spacious design. Additionally, as a digital airline, we plan to offer a time-saving service through user-friendly applications and a reservation system that allows our guests to complete their pre-flight procedures quickly and easily. For more information and the latest updates about AJet, you can visit or follow us on our social media accounts on Facebook, X, YouTube, LinkedIn and Instagram.
RTÉ News
29-04-2025
- Business
- RTÉ News
Avolon's quarterly lease revenues up 10% to new high
Dublin-based Avolon, the world's second-biggest aircraft leasing company behind AerCap, has reported higher net income and lease revenues for the first quarter of 2025. Avolon said its net income jumped by 36% to $145m, while its lease revenue rose by 10% to $683m - the highest quarterly performance in the company's history. The company said it acquired 115 aircraft in the three month period, including closing the acquisition of Castlelake Aviation Limited, which increased its delivered fleet to 639 owned and managed aircraft. Avolon said it sold 34 aircraft and ended the quarter with 66 aircraft agreed for sale. It ended the first quarter with an owned, managed and committed fleet of 1,096 aircraft, including orders and commitments for 457 new technology aircraft, it added. The company also posted strong operating cashflow of $365m in the first quarter, up 8% year on year. Meanwhile, Avolon also today announced the completion of a new $1.1 billion senior unsecured facility. The facility is split equally between a drawn loan and a revolving credit facility. 17 banks participated in the facility, including seven new lenders to Avolon. The mandated lead arrangers on the facility were DBS Bank, CaixaBank, Commonwealth Bank Group, Truist Financial, Cathay United, AIB and Sumitomo Mitsui Trust Bank. Andy Cronin, Avolon CEO, said the company delivered a strong performance in the first quarter of 2025 against all key financial and operating metrics. "Our record lease revenue performance and growing profitability reflect the sustained demand for our assets," the CEO said. "We believe that the industry's supply dynamics will continue to be favourable. Our industry leading orderbook, deep customer relationships, and balance sheet strength position us to benefit from this sustained demand and drive our performance for future quarters," he added.
