Bohai Leasing (000415) Q3 2024 earnings summary

Executive summary

• Net profit attributable to shareholders surged 170.68% year-over-year in Q3 2024, with a nine-month increase of 87.33% driven by strong aircraft leasing and sales performance.

• Revenue for Q3 2024 declined 7.52% year-over-year, but nine-month revenue rose 8.13% due to higher aircraft sales and leasing income.

• Non-recurring items, mainly debt restructuring gains, contributed to profit but were lower than the previous year.

Financial highlights

• Q3 2024 revenue: ¥8.91 billion, down 7.52% year-over-year; nine-month revenue: ¥25.09 billion, up 8.13%.

• Q3 net profit attributable to shareholders: ¥873.77 million, up 170.68% year-over-year; nine-month net profit: ¥1.59 billion, up 87.33%.

• Basic EPS for Q3: ¥0.1413, up 170.69% year-over-year; nine-month EPS: ¥0.2571, up 87.25%.

• Total assets at period end: ¥267.94 billion, up 2.44% from year-end 2023.

• Net cash from operating activities for nine months: ¥18.69 billion, down 2.32% year-over-year.

Outlook and guidance

• Profit growth attributed to increased aircraft leasing profits and reduced impairment losses; company expects continued benefit from these trends.