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Mon 4 Apr 2016 01:58 PM

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Dubai's DAE says net income soars 283% in 2015

Dubai Aerospace Enterprise reports net income of $610.4m; says revenues also rise last year

Dubai's DAE says net income soars 283% in 2015

Aircraft leasing and maintenance company, Dubai Aerospace Enterprise (DAE) Ltd, has reported net income of $610.4 million in 2015, an increase of 283 percent.

The company said in a statement that revenue for the full year increased to $408 million from $389.5 million in 2014.

It added that revenues for 2014 have been restated to exclude the results of StandardAero, which was sold in July 2015.

DAE managing director Khalifa H AlDaboos said: "2015 was an important year for DAE. The sale of StandardAero in July 2015 marked the first step in reallocating our capital towards building a world-class aerospace footprint anchored in Dubai.

"The DAE Capital division continued its growth trajectory in 2015. The net book value of the portfolio at year end 2015 grew to approximately $4 billion."

He added that as of December 2015, DAE Capital has firm commitments to acquire 23 additional aircraft.

Last month, DAE said it expects to add 30-35 planes to its current portfolio of 97 with significant demand seen coming from Iran.

Iranian airlines will be looking to lease aircraft that are immediately available while they await the European deliveries, DAE chief executive Firoz Tarapore said in an interview.

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