20th Aug 2018 18:31
LONDON (Alliance News) - DP Aircraft I Ltd on Monday posted an increased profit for the first half of 2018 due to a reduction in finance costs and expenses.
In the six months to June 2018, the aircraft investor recorded a USD10.6 million pretax profit, climbing from a USD9.7 million profit the year before.
The majority of this change came from a reduction in net finance costs, which dropped to USD5.3 million from USD6.0 million and bulk of the remaining change came from a reduction in expenses to USD10.6 million from USD10.8 million.
Revenue was broadly flat year-on-year at USD28.7 million.
DP Aircraft has a target distribution of USD0.225 per share per quarter. In the six month period the company paid two dividends equalling this target and has declared a third dividend, also at USD0.0225 per share, which will be paid on Thursday last week.
"The outlook for the airline industry for 2018 remains positive. During the first half of 2018, travel demand continued to grow, and there was reported increased profitability for the first quarter compared to the same period in the previous year. It is expected that costs will continue to challenge profitability in 2018, particularly rising fuel costs, although global revenues are still anticipated to increase over the next 12 months," said DP Aircraft Chairman Jon Bridel.
DP aircraft closed up 0.9% at USD1.10 per share on Monday.
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