Mubasher: Kuwait-based Alafco Aviation Lease and Finance Co announced leasing four additional new A320neo Airbus jets to Chile's Sky Airline.

The Kuwaiti firm won a tender launched earlier by Sky Airline, according to a statement to Boursa Kuwait on Thursday.

The delivery of the aircraft will begin in November, bringing the total number of aircraft agreed to be leased to Sky Airline to 11.

The value of the deal amounts to $442.5 million (KWD 134.3 million). 

The leasing price for Airbus A320neo airlines was based on calculating 0.29% to 0.37% of the plane’s value as a monthly leasing amount.   

The Kuwaiti company further noted that the financial impact of the deal will be realised in the company’s financials as of the first quarter of fiscal year ending on 30 September 2020 for a 12-year period upon delivery of each plane.

During the first half of FY18/19 ended on 31 March, Alafco’s net profits tumbled by 64% to KWD 9.25 million from KWD 25.37 million in the year-ago period.