CHINA: BOC Aviation posts record profit

BOC Aviation has reported a net profit after tax of US$51 million for the 9 months ending 31 December 2007. The record profit also marks 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) […]


BOC Aviation has reported a net profit after tax of US$51 million for the 9 months ending 31 December 2007. The record profit also marks 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 US$81.4 million, an increase of 67.8 per cent over the US$48.5 million earned from January to December 2006.

The strong performance reflects the ongoing demand from airlines for new aircraft and has enabled BOC to enter into long term leases, both for new aircraft delivered during the year and also for future deliveries. Th is includes fi ve A330-200 freighters recently ordered direct from the manufacturer.

Since its acquisition, the Company has widened its product range, acting as debt arranger for airline financing provided by BOC. Th is area of cooperation saw BOC Aviation and BOC London Branch secure a deal to provide the first Chinese-bank-arranged debt financing for British Airways for four A321 aircraft, and recently for two A330 aircraft for Lufthansa.