BOC Aviation reports 2013 net profit of US$277m

BOC Aviation achieved a record net profit after tax in 2013, marking an unbroken run of 20 years of profitability since it was founded in November 1993. For the financial year ended 31st December 2013, the Company earned US$277m in net profit after tax, 23% higher than the previous year. Total assets were US$10.2bn, rising 12% from US$9.1bn at the end of 2012. BOC Aviation ended the year with US$501m in unencumbered cash and US$2.3bn in unutilized committed credit facilities. In 2013, BOC Aviation took delivery of 48 new aircraft, and sold 21 owned aircraft. The year-end portfolio comprised 226 aircraft, of which 206 were owned and 20 were managed, in service with 56 airlines in 31 countries worldwide. The Company has one of the youngest fleets in the industry with an average owned aircraft age of less than four years. BOC Aviation placed a new order for 25 Airbus A320 family aircraft. The Company finished the year with a commitment to purchase 114 aircraft through to 2019.