Kuwait aircraft lessor Alafco slashes losses

Kuwait aircraft lessor Alafco slashes losses

Kuwait’s state-funded aircraft leasing firm, Alafco, has cut its annual net losses by 98 percent, the company said at its latest earnings presentation. Alafco, whose shareholders include the Kuwaiti government, said operating lease revenue dropped by 63 percent to KD35.9 million ($116.74 million) for the financial year ending on September 30. However, this was made […]

Lease revenue down 63%

Other income up 121%

Net losses KD1.2m

Kuwait’s state-funded aircraft leasing firm, Alafco, has cut its annual net losses by 98 percent, the company said at its latest earnings presentation.

Alafco, whose shareholders include the Kuwaiti government, said operating lease revenue dropped by 63 percent to KD35.9 million ($116.74 million) for the financial year ending on September 30.

However, this was made up for by a 121 percent increase in other income and the agreed sale of 53 aircraft to the Australian outfit Macquarie Airfinance, as part of an extensive restructuring process.

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Net losses for the financial year 2022-23 were down to KD1.2 million, from KD58.9 million the previous year.

The company said that no impairment provision had been charged by Alafco during the period, while