BOC Aviation reports first half net profit of $163m

BOC Aviation achieved $163m in net profit after tax for the six months ended 30th June 2014, with a record number of deliveries in the first half to boost the fleet size above 250 for the first time. Total assets rose to $10.8bn. The Company held $496m in total cash and had over $2.3bn in unutilized committed credit facilities as of June 30th. It paid a dividend of $139m in June 2014 to Bank of China, which acquired the Company in December 2006. In the six months ended 30 June, BOC Aviation took delivery of 37 new aircraft, and sold 12 owned and managed aircraft. At the end of the period, the portfolio comprised 251 aircraft, – 232 owned and 19 managed – in service with 56 airlines in 30 countries worldwide. The Company has one of the youngest fleets in the industry with an average owned aircraft age of less than four years.