GERALD BUTT / NICOSIA
Oasis International Leasing has returned to profitability in the first half of this year after recording a loss for the whole of 2002. The Abu Dhabi, United Arab Emirates-based company says the upturn reflects a gradual revival of the commercial aviation sector.
Despite the war in Iraq and the SARS epidemic, Oasis's profit in the January-July period was close to $1 million, compared with a net loss of more than $2 million last year.
"Passenger volumes are up in those geographic areas hardest hit in the recent past, such as North America and Asia," say Oasis chairman Muhammad Seif al-Mazrouei. He says a number of full-service airlines have "started the painful path to reconstruction".Oasis's chief executive, Gordon Dixon, adds: "Future prospects are very positive. The aircraft industry has its problems, but it is not all doom and gloom. For every airline failure there are many start-ups and, largely unreported, reorganisations that contribute to the ongoing growth of the industry. Leasing is a long-term and cyclical industry. We are at the bottom of the current cycle, but there are clear signs of an upturn."
Oasis, established in 1997, is part of the UAE Offsets Group.
Source: Flight International
