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 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


Want More Analysis Like This?

CAPA Membership provides access to all news and analysis on the site, along with access to many areas of our comprehensive databases and toolsets.
Find Out More