Abu Dhabi based leasing company Oasis International Leasing PJSC has announced results for the 3rd q

Net profit from core leasing activities has also increased 16% however the absence of further asset trading opportunities is reflected in total net profit being lower by 21% at AED23.4m. These results reinforce the detailed announcements made at the half year.

Commenting on the Company's performance, Board Chairman Mohammed Al Mazrouei confirmed that the results were very much in line with the Directors' expectations. "We stated in June that there was continued weakening in the global economic environment and opportunistic asset sales were difficult to repeat at regular intervals. Clearly recent events have accelerated the down cycle however we remain confident of a gradual return to a more stable market over the next 12 to 18 months when further investments and sales will be possible. Meanwhile our core leasing activities continue to perform well. Leasing is a long term business and we are confident we are well placed to see through the current world economic problems."

Chief Executive Gordon Dixon added that "the Company had established a robust portfolio of assets and customers. We have taken the right steps to mitigate the effects of September 11th, however, the situation needs to be monitored day by day because new developments and opportunities are emerging all the time. It is too early to assess the impact of recent events and we will be in a better position to judge any lasting effect by the year end."

Looking forward, the Chairman stated that "we will follow a prudent policy in relation to dividends and ensure our healthy cash position is maintained."