Mubasher: Aviation Lease and Finance (Alafco) achieved an increase of 4.8% in profits during the third quarter that ended on 30 June 2018 compared to the same period in the previous year.
Earnings enlarged to KWD 6.06 million ($20.04 million) in Q3 ended on 30 June 2018 compared to KWD 5.78 million ($19.11 million) in the corresponding period last year, according to a bourse statement on Wednesday.
During the nine-month period that ended last June, profits surged by 89.7% to KWD 31.43 million from KWD 16.57 million in the same period in 2017.
Alafco noted that the incline in profits is attributed to income from selling a number of aircraft after deducting heavy-maintenance provision in addition to a releasing provision, the statement added.
In the six-month period that ended on 31 March 2018, Alafco registered a 135.1% profit surge to KWD 25.37 million, compared to KWD 10.79 million in the same period a year ago.
At the stock level, Alafco closed Wednesday’s session 2% lower at 350 fils.
