Kuwaiti aircraft lessor ALAFCO's net profit fell to Kuwaiti dinar (KD)13.2 million ($46.29 million) for the first-half of the fiscal year that ended 31 March 2013, compared with a profit of KD18.3 million in the year-earlier period.
The net profit for the first-half included non-recurring operating income resulting from the adjustment of some purchase agreements with aircraft manufacturers, says ALAFCO in an earnings statement.
During the period, ALAFCO leased two additional Airbus A320-200 aircraft to Vietjet Air, a Vietnamese low-cost airline, and sold two Boeing 777-200ER aircraft to Guangzhou-based China Southern Airlines upon lease expiry.
Earlier this month, ALAFCO and Garuda Indonesia signed agreements for the sale and leaseback of two new 777-300ER aircraft. These aircraft are expected to be delivered in June and July 2013 to the airline.