Kuwait’s ALAFCO reports stronger profits in 2010, Aircastle shares slip lower
ALAFCO, the Kuwait-based leasing company partly owned by Kuwait Airways, reported a profit of USD77.7 million for 2010, an increase of nearly tenfold compared with its 2009 result of USD8.2 million. The result was attributed to a one-off revenue boost of USD71.2 million in the three months ended 31-Dec-2010, due to some contract amendments.
- ALAFCO, a Kuwait-based leasing company, reported a significant increase in profit for 2010, attributed to a one-off revenue boost from contract amendments.
- Aircastle announced long-term lease deals for two B747-400Fs with AirBridgeCargo Airlines and Asiana Airlines.
- Shares in ALAFCO were down 1.3% in trading, while Aircastle shares closed 2.4% lower.
- FLY Leasing shares dipped 0.6%, and shares in most other leasing firms remained unchanged.
- Multiplus, the company controlling TAM's frequent flyer program, saw a 5.7% increase in shares, while Aeroplan was down 0.3%.
- Overall, selected aviation suppliers experienced mixed daily share price movements on 18-Jan-2011.
ALAFCO Chairman Ahmad Alzabin stated the leasing company's latest results "provide a good sign for continued growth in profits". Shares in ALAFCO were down 1.3% in trading on Tuesday.
Meanwhile, Aircastle announced the lease of two B747-400Fs to Russia's AirBridgeCargo Airlines and South Korea's Asiana Airlines. The long-term lease deals were finalised in Dec-2010. Shares in Aircastle closed 2.4% lower, while FLY Leasing shares dipped 0.6% and shares in most other leasing firms were unchanged.
Shares in Multiplus, the company controlling TAM's frequent flyer programme, gained 5.7% yesterday. Aeroplan, which operates Air Canada group's frequent flyer programme, was down 0.3%.
Selected aviation suppliers daily share price movements (% change): 18-Jan-2011
