Oasis Leasing sees AED 117m rise in lease book key indicator up 15 per cent

Financial results for the third quarter of the year, show Oasis Leasing's RALB increased by AED 117 million, in 2002, from AED 795 million to AED 912m.

"In addition to the snapshot historical information tools, such as profit and revenue, the financial strength of a company like Oasis Leasing can be measured by its long term fundamental growth, reflected by the increase in the RALB," said Mohammed Saif Al Mazrouei, Chairman, Oasis Leasing.

"Underpinning our contracted lease revenues we now have almost AED 2,000 million in revenue generating assets which clearly demonstrates how we are building for the future."

RALB enables the company to calculate its future revenue stream by taking the current value of the contracted lease book, adjusting it with the weighted average cost of capital and factoring in the credit risk.

Meanwhile, the company says, the benefits of recent transactions, involving the long-term lease of a new Airbus A321 and the purchase and leaseback of two Bombardier CRJ-100ER aircraft to Air Canada, will be felt from the fourth quarter onwards.

"We said at the half year that 2002 was a year of transition and investment and this continues to be the case," said Gordon Dixon, CEO, Oasis Leasing.

"Profits in leasing are not made on day one of an investment and comparisons with previous quarters are not necessarily a reliable gauge of our longer term performance, especially in such a young and growing company."

Oasis Leasing's asset portfolio includes 15 aircraft on long-term lease to major regional and international flag carriers and a 50% stake in a capesize bulk carrier ship, acquired in 2001. Clients include Air Canada, Malaysia Airlines, Virgin, Air New Zealand and Easy Jet.

ends