August 29, 2017 / 9:38 AM / 25 days ago

Aircraft lessor BOC Aviation H1 profit rises 13 percent

SINGAPORE, Aug 29 (Reuters) - Asia’s second-biggest aircraft lessor, BOC Aviation Ltd, posted on Tuesday a 13 percent rise in half-year net profit as it expanded its fleet to take advantage of growing demand for travel.

The company, which is based in Singapore but majority owned by Bank of China, reported a net profit of $240 million for the six months ended June 30, up from $212 million a year ago. BOC Aviation also said it would change its dividend policy to increase the payout to as much as 35 percent of net profit from 30 percent previously.

Asian lessors are investing billions of dollars to expand in a sector that offers long-term and dollar-based revenue, underscoring the region’s importance to an industry that makes up about 40 percent of the world’s airline fleet.

BOC Aviation’s fleet of owned and managed aircraft grew to 297 as of June 30 from 265 in the prior year. The majority are deployed with Asian airlines, with Cathay Pacific Airways Ltd and Indonesia’s Lion Air Group among its main customers. (Reporting by Jamie Freed and Anshuman Daga; Editing by Muralikumar Anantharaman)

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