SALE net profit doubles in 2006/07

Singapore Aircraft Leasing Enterprise (SALE) has reported record

results for the financial year ended 31-Mar-07, with a net profit after tax

of USD70.5 million. This represents a 103% increase over the previous financial

year and was achieved on total revenues of USD341.0 million.

The results are the first to be published by SALE since the Company was acquired by Bank of China in Dec-06.

The strong performance reflected the continued demand from airlines worldwide for the new generation aircraft offered by SALE. This has seen healthy returns from lease rentals across the portfolio, boosted further by the addition of nine new aircraft during the year and ongoing stringent cost controls. The deliveries included the Company's first six Next-Generation 737 aircraft to be delivered to SALE from Boeing.

Investor appetite in aircraft ownership also rebounded strongly during the year. This enabled SALE to take full advantage of its policy to maintain a young fleet through profitable aircraft sales, with a total of 17 aircraft sold during the year. Increased income from fee-based advisory and lease management services also further enhanced profitability.

Robert Martin, SALE Managing Director & Chief Executive Officer said that market conditions had been especially favourable during the last financial year, with continued traffic growth in most segments of the airline market.

"With manufacturer production slots sold out in the near term, demand for new leased aircraft is likely to outweigh supply for the foreseeable future," he said. "Much of this demand will be due to continued growth, especially in Asian markets."

"The replacement of existing aircraft will also become increasingly important in the coming years, particularly in North America."

SALE is the leading Asia-based aircraft leasing company. The Company currently owns and manages a portfolio of 74 aircraft flying with 29 airlines worldwide. The average age of the fleet is just 3.5 years, making it one of the youngest in the industry.

SALE has been profitable in every year since its establishment in 1993.

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