KUWAIT CITY, July 24, (KUNA): Aviation Lease and Finance Company (ALAFCO) announced on Sunday it has made KD 17 million in profit in return for waiving the purchase of six aircraft from (Airbus) Company to a third party without naming it. The company said in a statement on the Kuwait Stock Exchange (KSE) website that it had signed a contract with Airbus to buy 18 (A350-900 XWB) aircraft and was agreed recently with (Airbus) to waive the purchase of six of these aircraft.

It added that the profits realized from this transaction will appear in the consolidated financial statements for the fiscal year (2011-2012) which ends next Sept 30. ALAFCO announced last week it had achieved a net profit of KD 7.8 million during the first nine months of its current fiscal year.