(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, July 16 (KUNA) -- Kuwait's ALAFCO Aviation Lease and Finance Company (ALAFCO) has made net profits of KD 16.6 million (about USD 54.7 million) in the first nine month of its FY that started in October 2016, the company said on Sunday.
ALAFCO's profits in the nine-month period rose by 67 percent compared to the corresponding period last year, Deputy Chairman Ahmad A. Alzabin said in a press release.
He added that the company's operational revenues during the period hit KD 58.4 million (USD 193 million) marking a rise of 20 percent compared to the same period the previous year. Earnings per share reached 17.4 fils.
During 2017, ALAFCO concluded leasing contracts, topped with a 12-year one with the Kuwait Airways for selling and re-leasing of four Boeing 777-300ER, he noted.
In addition, the company managed to access the US market for the first time, signing a contract with Allegiant for leasing 13 Airbus A320 aircraft, for 12 years.
Established in 2000, ALAFCO Aviation Lease and Finance Company is a global aircraft leasing company, and is listed on the Kuwait Stock Exchange. ALAFCO's main activities include aircraft operating leases, sale and leaseback operations and aircraft lease management services. (end) aam.msa
MENAFN1607201700710000ID1095630793
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.