AIRBUS CANCELLATION NETS ALAFCO HEALTHY PROFIT

Dino D'Amore
By Dino D'Amore July 26, 2011 11:49

AIRBUS CANCELLATION NETS ALAFCO HEALTHY PROFIT

Aviation Lease & Finance Co (Alafco) has reported it made a gain of KD17m ($62m) after waiving an agreement with Airbus to buy six A350-900 aircraft for a third party. The aircraft lessor made a KD20m gain after waiving a contract last November for eight 787s to Saudi Arabian Airlines.
Alafco signed a deal for 30 A320neo aircraft at the Paris airshow in June and has six A350 XWBs on order. The company is on track to take delivery of the first of 14 Boeing 787s in 2014.

The leasing firm has requested the owner of the closed Wataniya Airways, KNA, pay $70m to cover the remaining period of an aircraft leasing deal. Wataniya leased three aircraft from 2009 to 2017 but Alafco states the airline’s ceasing of operations “is regarded as a breach to the deal” and requires immediate restitution.

Dino D'Amore
By Dino D'Amore July 26, 2011 11:49
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