BOC Aviation posts US$163m first-half earnings

SINGAPORE-BASED BOC Aviation made a net profit of US$163 million for the six months ended June 30, comparable to the corresponding period last year. The aircraft leasing firm, which is wholly owned by Bank of China, had a fleet size of above 250 for the first time as at end June. Total assets increased to US$10.8 billion, from US$9.9 billion a year earlier. A dividend of US$139 million was paid in June to the Bank of China, which acquired the firm in 2006.

It also tapped the debt capital markets and banking markets to raise over US$1.2 billion in the first half of 2014.

During the six-month period, BOC Aviation took delivery of 37 new aircraft and sold 12 owned and managed aircraft. Its portfolio comprised 251 aircraft - 232 owned and 19 managed - in service with 56 carriers in 30 countries globally. The average owned aircraft age of its fleet is under four years.