Font Size

- Aa +

Tue 6 Aug 2019 04:18 PM

Font Size

- Aa +

Dubai Aerospace Enterprise posts $197m profits in H1

Middle East's largest plane lessor registers small increase in profit for first six months of 2019

Dubai Aerospace Enterprise posts $197m profits in H1

Dubai Aerospace Enterprise (DAE), the Middle East’s largest plane lessor, on Tuesday reported a small rise in profit for the first six months of the year to $197.1 million.

The figures compared to the $195.2 million profit registered in the year-earlier period.

The company said total revenue in the first half of 2019 reached $726.9 million, up from $711.4 million, adding that pre-tax profit margin were down to 29 percent from 31 percent in the same period.
   
On Monday, DAE said it has raised an additional $490 million from three loan agreements to fund its growth plans.

The loans have maturities ranging from three to seven years, however the state-controlled company refrained from identifying the lenders or divulge further details into the use of the funds.

For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.