BOC Aviation has reported a net profit of $51 million for the 9 months ending 31 December 2007. It is the first time that the Company has reported results as BOC Aviation, having changed its name from Singapore Aircraft Leasing Enterprise after it was acquired by Bank of China (BOC) in December 2006. The financial year end was changed from March to December last year to be in line with that of the BOC group. On a 12-month basis, net profit after tax was a record $81.4 million, an increase of 67.8% over the $48.5 million earned from January to December 2006.
The strong performance underlined ongoing demand from airlines for new aircraft, especially in the single aisle category. This has enabled the Company to enter into long term leases, both for new aircraft delivered during the year and also for future deliveries. The five A330-200 freighter aircraft recently ordered direct from the manufacturer have also been placed on long term leases.
