Kuwait – Mubasher: Aviation Lease and Finance (Alafco) reported an 83.3% increase in its profits for the second quarter of the current fiscal year ended 31 March 2017, compared to the same period a year earlier.
Profits reached KWD 5.59 million ($18.32 million) in the second quarter, compared to KWD 3.05 million ($9.99 million) in the year-ago period, according to a filing to Boursa Kuwait.
The company’s profits for the first half ended 31 March 2017 amounted to KWD 10.79 million, compared to KWD 6.06 million in the corresponding period in the year before, showing a growth of 78.1%.
The aviation company attributed the boost in quarterly profits to the acquisition of 14 new planes in twelve months.
Alafco reported an increase of 72.8% in profits in the first quarter ended 31 December 2016 to KWD 5.2 million, compared to KWD 3.01 million in the same period ended 31 December 2015.
