Alafco posts $36 million profit
Kuwait, November 10, 2009
Kuwait's Aviation Lease and Finance Company (Alafco) posted a 1.3 per cent rise in full-year net profit to KD10.2 million ($36 million), or 14.81 fils per share, on Tuesday.
Alafco said it recommended an 8-for-100 bonus share issue. Total assets for the year rose 49.5 per cent to KD390 million, while shareholder equity rose 15 per cent to KD93.6 million.
The aircraft leasing company secured $460 million financing in the fiscal year to buy aircraft, chairman Ahmad Alzabin said in a statement.
Alafco's shares rose 1.0 per cent on Tuesday, outperforming the main benchmark which closed 0.2 percent down. The results were released after the market closed. There are 1,000 fils to a dinar.-Reuters