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Wed 24 Nov 2010 07:34 PM

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Kuwait's Alafco full year profit up 5.9 percent

Company's fleet grew to 40 aircraft in the fiscal year to Sept 30, 2010 from 26 in the previous year

Kuwait's Alafco full year profit up 5.9 percent
Alafco said its total assets rose 37 percent this fiscal year to $1.9 billion

Kuwait's Aviation Lease and Finance Co (Alafco) posted a 5.9 percent rise in full year net profit to $38.42 million.

Alafco said in a statement it recommended a 5 fils cash dividend, and a 5 percent bonus share.

There are 1,000 fils to a dinar.

The company's fiscal year starts in October.

Chairman Ahmad Alzabin said the profits were the result of "expansion in regional and international markets" as operational profits rose 46 percent.

The company's fleet grew to 40 aircraft in the fiscal year to Sept 30, 2010 from 26 in the previous year, he said, adding that Alfaco is targeting a fleet of 59 owned and managed aircraft by the end of the year.

The company leases Airbus and Boeing aircraft to airlines in Europe, Asia, Africa and the Middle East.

Alafco said its total assets rose 37 percent this fiscal year to $1.9 billion.(Reuters)

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