Avolon CEO says Q1 business boosted by China reopening

DUBLIN (Reuters) – Aircraft leasing company Avolon on Thursday said the reopening of China after it eased strict COVID-19 rules has boosted levels of leasing and trading activity.

The company added three customers in the first quarter for a total of 147 airlines and executed 31 lease transactions, it said in a business update.

“The year has started with positive momentum as airline passenger growth continues and the impact of reopening in China feeds into increasing travel in the region,” CEO Andy Cronin said in the statement.

The Dublin-based lessor said it owned and managed a fleet of 578 aircraft at end of the quarter, with orders and commitments for 252 fuel-efficient, new technology aircraft.

It said it was on track to achieve its target of 75% fuel-efficient, new technology aircraft by 2025, with 55% new technology currently, up from 50% a year earlier.

(Reporting by Graham Fahy; editing by Jason Neely)