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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

AID