Mubasher: Aviation Lease and Finance (Alafco) reported 43.1% year-on-year profit decline in the first quarter ended 31 December 2018.
Alafco’s profits amounted to KWD 4.43 million ($14.64 million) in Q1, against KWD 7.78 million ($25.71 million) in the corresponding period in 2017, according to the company’s financial results published on Boursa Kuwait on Thursday.
The Kuwait-based company attributed the retreat in net profit to provisions recorded against doubtful debts valued at KWD 1.9 million.
Moreover, no profits were generated from aircraft sales during the three months ended 31 December 2018, against profits of KWD 1.5 million in the corresponding period in 2017.
During the fiscal year ended 30 September 2018, Alafco’s profits increased slightly by 1.1% to KWD 33.18 million compared to KWD 32.82 million in the same period ended 30 September 2017.
Earlier in January, Alafco’s board of directors recommended cash dividends representing 10% of capital or at 10 fils per share for fiscal year ended 30 September 2018.
Alafco’s stock rose 1.25% to close at 325 fils on Thursday.
