Kuwait's Alafco Q1 net up 54pc
Kuwait, January 19, 2010
Kuwait's Aviation Lease and Finance Company (Alafco) posted a 53.8 per cent rise in the first quarter of its fiscal year.
The firm's net profit in the three months to December 31 came in at KD2.23 million ($7.79 million), up from KD1.45 million in the same period a year ago, it said in a statement on Tuesday.
Alafco gave no reason for the profit rise.
'In calendar year 2010, Alafco plans on delivering 16 additional aircraft on lease to various customers bringing the total number of aircraft in its portfolio to 47,' chairman Ahmad Alzabin said in the statement.
Alafco's shares traded flat at 0.2 dinars on Tuesday. The results were released after the market closed. There are 1,000 fils to a dinar.-Reuters