BOC Aviation hits $1bn accumulated profits

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BOC Aviation has reached $1 billion accumulated profits under the Bank of China's ownership, according to chief executive officer Robert Martin.

The Singapore-based operating lessor was acquired in December 2006 and now operates a 220-aircraft fleet with total assets worth $10 billion.

Martin tells Flightglobal that BOC Aviation is ahead of its plan in terms of accumulated profits.

BOC Aviation reported a 12% increase in last year's net profit to $225 million from $201 million at 31 December 2011. At the end of last year, BOC Aviation had $614 million in cash and more than $2 billion in unutilised committed credit facilities.

The operating lessor has 50 deliveries scheduled this year through a combination of its order pipeline with Airbus, Boeing and Embraer and 25 purchase and leaseback transactions signed last year.

Deliveries include purchase agreements on Airbus A320 and Embraer 190 models with the manufacturers. BOC Aviation also has Boeing 737 Next Generation aircraft acquired from GOL, Jetstar and Lion Air as well as A330s with Iberia and 777 with Thai Airways. The lessor also delivered its last A330F to Qatar Airways last month.