Oasis Leasing 2nd quarter profits up 64%

This compares with a profit of AED 7.0m during the same quarter last year (2005).

The company announced total revenues of AED 128.1m during the reporting period, representing an increase of 40.7 per cent over the 2005 figures, while the operational assets reached a value of AED 3.2b, reflecting a 65.9 percent increase over year end 2005.

Over the first half of the year, Oasis net profit is up to AED 24.5m, compared to AED 2.5m for the corresponding period in 2005. This quarter's results represent a continuation of the positive results from the 1st quarter.

Oasis signed finance leases with Etihad Airways for six Airbus A330-200 aircraft during the quarter. Three of these aircraft have now been delivered to the airline. The company is also benefiting from the general upsurge in the aviation sector through its AED 343.5m investment in Project Blue earlier this year.
This investment represents a share in 25 Airbus aircraft, which are leased to several airlines around the world.
The company was also able to release three aircraft at more advantageous leasing rates and sold four aircraft, all of which contributed meaningfully to the numbers.

Commenting on the half year results Gordon Dixon, CEO, said, "The aviation industry is experiencing strong growth as airlines attempt to meet increasing passenger demand. We are well placed to take advantage of the trend and to continue the process of diversification. We are very optimistic on the prospects for the rest of the year."