BOC Aviation H1 profit up on higher revenue, lower impairment

Singapore

BOC Aviation, a privately held global aircraft leasing company owned by Bank of China (BOC), on Monday reported first-half net profit of US$171.5 million, up 5 per cent from a year ago.

Formerly known as Singapore Aviation Leasing Enterprise and was acquired by BOC in 2006, BOC Aviation's half-year's earnings came on the back of a 2.9 per cent rise in revenue to US$535 million for the six months ended June 20. Also, costs and expenses shrank 0.8 per cent as impairment on aircraft was cut to US$13.6 million from US$38.8 million a year earlier.