Mubasher: Alafco Aviation Lease and Finance Company has sold 13 new planes and others from the firm's portfolio as models of Airbus A320neo and Airbus A320-200 as well as signing their leasing contracts through an auction.
Alafco will register profits worth KWD 7.8 million during the fiscal year ended 30 September 2019, according to a bourse filing on Sunday.
The selling transaction will continue until the first quarter of the fiscal year 2019/2020, where the company expects to generate profits worth KWD 1.1 million, Alafco said.
It further noted that the financial impact cannot be determined at the moment as it will negatively affect the firm’s competitiveness in the market.
It is worth pointing out that during the nine-month period ended on 30 June 2019, Alafco’s profit shrank by 58.2% to KWD 13.135 million from KWD 31.432 million a year earlier.
