BOC Aviation 2012 net profit up 12%

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BOC Aviation has reported a 12% increase in its 2012 net profit.

The Singapore-based leasing company, which is fully owned by Bank of China, says it made $225 million in the year to 31 December, up from $201 million in 2011.

Its total assets increased by 20% to $9.1 billion last year. It also had $614 million in cash and more than $2 billion in unutilised committed credit facilities at the end of the year.

BOC Aviation took delivery of 27 new aircraft last year, including five from purchase-and-leaseback transactions, and sold six aircraft. It ended the year with 203 aircraft, of which 177 are owned, two are on finance lease and 24 are managed.

After a new order for 25 Airbus A320s and 25 A320neo family aircraft, the lessor ended 2012 with an order book of 100 aircraft and 26 aircraft on committed purchase and leaseback.