Abu Dhabi-based Oasis International Leasing has consolidated its return to profitability, posting pre-tax net profits of 4.69 million Emirati dirhams ($1.2 million) in 2003, compared to a loss of Dh 8.53 million during the previous year.
The latest figures continue the trend set in the first half of 2003 when the company posted net profits of Dh 3.4 million. Revenue and gross and operating profits also improved year on year, while operating and administrative costs were reduced, reported a press release.
According to Oasis Leasing's CEO Gordon Dixon, the board has decided not to recommend a dividend payment to shareholders for 2003. "The directors took the view the shareholders' long term interests are best served by reinvesting profits for longer term gain."
During 2003 Oasis Leasing successfully managed the return and onward lease of four aircraft to new customers and also extended three leases with existing customers. The company re-financed five aircraft and successfully renegotiated the leases and financings of four aircraft with Air Canada. Five new assets were added to the company's portfolio and it also profitably traded some aviation based financial investments.
The Oasis International Leasing Company was formed in 1997. Its principal business is to identify, structure, manage and invest in high value leasing transactions. The objective is to deliver sustainable shareholder investment returns. The firm's asset portfolio includes 20 aircraft on long-term lease to major regional and international flag carriers. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
