Oasis Leasing posts strong gain in first quarter profit

This compares with a loss of AED 4.5 million during the same quarter last year (2005).

The company announced revenues of AED 60.3 million over the quarter, an increase of 35.5 per cent over the 2005 figures, while the operational assists reached a value of AED 2.2 billion, representing a 16 percent rise since the end of 2005.

Oasis has recently signed a finance lease with Etihad Airways for six Airbus A330-200 aircraft.

"These are encouraging financial results and reflect the positive effects of the transactions concluded at the close of last year and into this year,"

said HE Hussain Al Nowais, Chairman of the Oasis Leasing Board of Directors. "The outlook for the leasing industry remains strongly positive."

Al Nowais said that it is clear that the aviation industry is on an upswing and with increasing acceptance of leasing as a financial practice in the Arab world the company is poised to take advantage of the new era of major developments taking place in the UAE and region.

He also noted that the new Board of Directors has recently met to discuss new options aimed at increasing the company's activities and its scope of business. Al Nowais said the company has plans to enhance the reputation of Oasis as well as its industry presence, which will have a positive effect on future revenues and shareholder benefits.