The financial statements of Alafco Financing the Purchase and Leasing of Aircraft showed that the company has turned in losses in the fiscal year ending on September 30, 2020 compared to profits for the same period in 2019.
According to the company's results for the Kuwaiti Stock Exchange, today, Monday, the losses for the year amounted to about 9.79 million dinars, compared to last year's profits of 17.7 million dinars.
The company said that the negative shift in results during the comparative years is mainly due to the increase in the provision for credit losses and the decrease in the value of aircraft as a result of the emerging corona virus (Covid 19), Profits from the sale of aircraft decreased due to sharp contraction of commercial activities.
The company also incurred losses of 11.18 million dinars in the fourth quarter of the fiscal year ending on September 30, compared to profits of 4.56 million dinars for the same period of the previous year. / p>
On the level of operational results, Alafco achieved net operating profit of 23.08 million dinars in the fiscal year ending on September 30, 2020, compared to a profit of 19.86 million dinars for the same period of In 2019, an increase of 16%.
The company's total annual operating income increased by 10%, to reach 115.91 million dinars, compared with 105.23 million dinars operating income for the same period in 2019.
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