Profits at Abu Dhabi Aviation leap 150%

Abu Dhabi Aviation yesterday reported a net profit of Dh181.61 million for the six month period that ended in June, a jump of 150.4 per cent over the corresponding period last year. "This significant increase was due to profit on sale of aircraft in Maximus, as well as increase in flying hours and a more favourable product mix in Royal Jet," the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are listed. Its shares rose 0.31 per cent yesterday to close at Dh3.20. For January to June, the company's net profit stood at Dh72.54 million. "Abu Dhabi Aviation is an infrequently traded stock. It doesn't have much bearing on the market's performance," Anastasios Dalgiannakis, head of trading at Mubasher Financial Services, told Gulf News. Abu Dhabi Aviation's turnover in the last six months rose 20.3 per cent on the year to Dh851.03 million. For the same period, its operating profit jumped 69.2 per cent to Dh255.03 million from Dh150.75 million, while earnings per share rose to Dh0.41 from Dh0.19. As of the end of June, the company's total assets were valued at Dh3.2 billion, up from Dh3.17 billion in December, while its total liabilities were valued at Dh1.44 billion. The total shareholders' equity was worth Dh1.76 billion at the end of June, up 4.7 per cent from the end of December. Abu Dhabi Aviation is the largest commercial helicopter operator in the Middle East, operating 54 helicopters. The bulk of the company's business is in support of Abu Dhabi Offshore Oil and engineering and construction. From / Gulf News