Abu Dhabi's Waha Capital Q1 profit drops 3.5% on higher costs

Abu Dhabi investment firm says it made a net profit of $47.9m in the three months to March 31
Abu Dhabi's Waha Capital Q1 profit drops 3.5% on higher costs
By Reuters
Tue 03 May 2016 02:42 PM

Waha Capital, which owns a stake in AerCap, the world's largest aircraft leasing firm, on Tuesday posted a 3.5 percent drop in first quarter profit, partly due to higher costs offseting positive revenues.

The Abu Dhabi investment firm made a net profit attributable to owners of the company of 175.85 million dirhams ($47.9 million) in the three months ending March 31, compared to 182.17 million dirhams in the prior-year period in 2015, a statement from Waha said.

Revenue from the sale of goods and services in the first quarter of 2016 reached 86.36 million dirhams, versus 55.83 million dirhams in the same quarter of 2015.

General expenses rose to 95.86 million dirhams in the first quarter, compared to 66.03 million dirhams in the previous year period.

Waha acquired 3.88 million additional shares in AerCap for 519.2 million dirhams in the first quarter, the statement said. Waha now holds a 15.8 percent stake in AerCap, up from 12.6 percent a year ago.

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