BOC Aviation has reported a 5% increase in net profit after tax to US$171 million for the first half of 2015. Revenue rose by 3% during the reporting period to US$535 million. The aircraft lessor has total assets of US$12bn – an increase of 5% over the year-ago reporting period. BOC Aviation has maintained strong liquidity with US$477 million in total cash and fixed deposits, and more than US$2.6 billion in committed revolving debt facilities.
During the period, BOC Aviation’s corporate credit ratings upgraded to A- from Standard & Poor’s; and the lessor maintained ratings of A- from Fitch Ratings.
Robert Martin, Managing Director and Chief Executive Officer, said: “We continue to grow our profits, revenue and asset base in the first six months of 2015. More importantly, we continue to build access to diversified financing sources. We tapped new funding sources by issuing, for the first time, US$750 million of Rule 144A/Regulation S senior notes off our Global Medium Term Note Program. Our strong credit rating profile was affirmed with an upgrade from BBB to A- by Standard & Poor’s in March, and re-affirmed in August. Air travel demand remains high and we are responding, with a pipeline of 195 aircraft on order through to 2021.”
At the half year point in 2015, BOC Aviation has a portfolio of 256 aircraft, comprising 236 owned and 20 managed aircraft, which are on lease to 61 airlines in 30 countries. The average lease term remaining of 7.2 years for owned fleet, weighted by net book value; the average age of 3.5 years per aircraft for owned fleet, weighted by net book value. During the period, BOC Aviation enjoyed a 100% full fleet utilization; signed 12 leases; delivered 18 aircraft to lessees; sold 12 aircraft, 11 owned and 1 managed; and has 195 aircraft on order with scheduled deliveries through to 2021.