Singapore-based lessor BOC Aviation has posted a $163 million net profit for the first six months of 2014 and is on track to hit a full-year delivery record.
Over the six months ended June 30, BOC Aviation received 37 new aircraft and sold 12, taking its total portfolio to 251 aircraft (232 owned and 19 managed). These are placed with 56 airlines worldwide and valued at $10.8 billion.
“We had a busy first half with a strong delivery momentum, putting us on target for another record year for deliveries,” BOC Aviation CEO and MD Robert Martin said.
It secured two new customers, Aeromexico and California-based WestAir, and delivered an Airbus A321 to Etihad Airways. BOC Aviation also completed deliveries of six Embraer E-190s KLM Cityhopper and 12 Airbus aircraft—eight A330- 300s and four A320s—to Iberia.
At the end of the period, BOC Aviation held $496 million in cash and had access to more than $2.3 billion in unutilized credit facilities, after raising over $1.2 billion in new financing from the markets.
In July, BOC Aviation placed an order for 43 Airbus A320 family aircraft—seven A320neos and 36 A320ceos—at the Farnborough Airshow. Deliveries of the ceos will start immediately, while the neos are slated to arrive from 2019.
BOC Aviation takes its name from Bank of China, which acquired the company in December 2006.