Waha Capital PJSC (ADX:WAHA), the Abu Dhabi-based diversified strategic investment firm, today reported a net profit of AED 15.9 million (US$4.3 million) for the first quarter of 2012, as compared to AED 29.8 Million in the corresponding quarter of 2011.
Total revenues in the first quarter, including operating income and income from investments in associates, were AED 76.1 million compared to AED 82.4 million in the equivalent period in 2011. Total expenses were AED 60.5 million, compared to AED 52.7 million for the corresponding quarter in 2011. The year on year results were mainly driven by a one-off gain on sale of an investment during the first quarter of 2011.
Portfolio companies continued to perform well in the three-month period ending on March 31, 2012. New York-listed Aercap Holdings N.V., in which Waha Capital owns 21.3 percent, witnessed an active quarter during which it signed new lease agreements for nine aircraft, delivered six aircraft under contracted lease agreements and purchased five new aircraft.
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