March 27, 2013 / 2:39 AM / in 5 years

BOC Aviation profit rise reflects demand for planes in SE Asia

SINGAPORE, March 27 (Reuters) - BOC Aviation Pte Ltd, a Singapore-based aircraft leasing firm owned by Bank of China Ltd , said its net profit rose 12 percent to a record $225 million last year, boosted by new plane deliveries and a strong order pipeline.

Airlines and leasing firms in Southeast Asia are expected to take delivery of about 175 planes over the next two years, accounting for one-third of all deliveries in the Asia-Pacific region, aviation data provider Ascend Online Fleets says. The bulk of the deliveries will be in Indonesia, Malaysia and Singapore.

BOC Aviation said it took delivery of 27 new aircraft, including five from purchase and leaseback deals, and sold six planes. It ended last year with a portfolio of 203 aircraft - 177 of them owned, two on finance leases and 24 managed.

“Following a new order for 25 Airbus A320ceo and 25 A320neo family aircraft, BOC Aviation finished the year with an order book of 100 aircraft and 26 aircraft on committed purchase and leaseback,” it said in a statement.

Reporting By Teo Jion Chun; Editing by John O'Callaghan and Matt Driskill

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