Alafco posts 33% jump in income

Kuwaiti aviation firm sees profit increase to $12.77mn in fiscal Q3, shares end day up almost 2%.
By Reuters
Sun 13 Jul 2008 04:38 PM

Kuwait's Aviation Lease and Finance Co (Alafco) posted a 33-percent rise in third-quarter net profit to 3.4 million dinars ($12.77 million).

Alafco made net profit of 2.55 million dinars in the corresponding period last year, it said in a statement on the Kuwaiti bourse website on Sunday.

The firm has confirmed orders for 66 aircraft from aircraft makers Airbus and Boeing Co worth about $9 billion, for delivery between 2009 and 2017, it added. Earnings per share rose to 5.2 fils in the three months to June 30, compared with 3.9 fils a year earlier, Alafco said. There are 1,000 fils in a dinar.

Shares of Alafco, which have surged more than 33 percent this year, gained 1.92 percent on Sunday ahead of the earnings release, which happened after trading hours.

Alafco said last month it agreed to sell eight Boeing 787-9 Dreamliners with a list price of $1.6 billion to Saudi Arabian Airlines.

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