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UAE's Waha Capital Q2 net profit jumps on AerCap deal
July 22, 2014 / 6:27 AM / 3 years ago

UAE's Waha Capital Q2 net profit jumps on AerCap deal

DUBAI, July 22 (Reuters) - Abu Dhabi-based investment firm Waha Capital said on Tuesday its net profit for the second quarter of 2014 jumped on the back of a one-off gain from its investment in AerCap Holdings.

Waha, whose shareholders include Abu Dhabi government entities, made 1.14 billion dirhams ($310.4 million) in the three months to June 30, up from 38.4 million dirhams in the year-ago period, it said in a bourse filing.

AerCap Holdings, in which Waha was its largest shareholder, bought American International Group’s aircraft leasing business in a $5.4 billion cash and share deal.

“Waha Capital booked a one-off gain related to the transaction, and recorded a higher earnings contribution from AerCap, because of the increase in scale, valuation and earnings per share at the aircraft leasing company,” its earnings statement said.

$1 = 3.6728 United Arab Emirates Dirhams Reporting by David French; Editing by Olzhas Auyezov

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