BOC Aviation reports first-half net profit of US$163m

BOC Aviation’s unaudited net profit after tax for the first six months to June 30th, 2013 was US$163m, 57% higher than the same period last year. During the first half, the company – which has been consistently profitable since it was founded in November 1993 – also exceeded US$1bn in cumulative net profit after tax since Bank of China (BOC) acquired the Company in December 2006. As of June 30th, 2013, BOC Aviation’s total assets had increased to US$9.9bn after paying a dividend of US$113m for the first time to the Bank of China Group. Cash stood at US$680m, and debt-to-equity was 4:1. As of June 30th, 2013, BOC Aviation had a fleet of 223 modern aircraft flying with more than 50 airlines worldwide, comprising 198 owned and 25 managed aircraft, as well as 16 aircraft on committed purchase and leaseback with airlines. There were 30 new deliveries during the first half, including 10 aircraft on purchase and leaseback agreements, a record for a six-month period.