Operating aircraft lessor BOC Aviation reported H1/17 net profit was $240 million, up 13.2% from $212 million for the same period a year earlier. Revenues and other income of $670 million rose 15.7% from $579 million in H1/16.

The following highlights were excerpted from the news release:

• Total assets increased 7% to $14.4 billion as at June 30, 2017 from December 31, 2016.
• Raised more than $1 billion in new financing
• Took delivery of 37 aircraft (including three acquired by airline customers on delivery) in the first half of 2017
• Signed 55 leases in the first half of 2017
• Customer base of 75 airlines in 34 countries and regions in the owned and managed fleet
• Sold 19 aircraft, with no aircraft older than 10 years remaining in the owned portfolio
• BOC has a portfolio of 297 owned and managed aircraft (36), with an average aircraft age of 3.1 years and an average remaining lease term of 7.8 years for the owned aircraft fleet, each weighted by net book value
• Order-book of 196 aircraft scheduled for delivery over the period from July 1, 2017 to 2021

Robert Martin, managing director and CEO, said, “BOC Aviation delivered an excellent result in the first half of 2017, earning a net profit after tax of $240 million, up 13% compared with the same period last year. The net book value of aircraft, including assets held for sale, increased 25% compared with the first half of last year, to $12.1 billion, reflecting our investment activities since our initial public offering in June 2016.”