ALAFCO 1QFY2011 profits soar

Aviation Lease and Finance Co (ALAFCO) reported a threefold year-on-year increase in net profit from KWD2.3 million (USD8.2 million) to KWD21.8 million (USD77.7 million) on the back of additional revenue of KWD20 million (USD71.2 million) in the three months ended 31-Dec-2010, due to one-off contract wins (Trade Arabia, 18-Jan-2011). ALAFCO Chairman Ahmad Alzabin stated the leasing company's latest results "provide a good sign for continued growth in profits".