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VJC - Earnings elevate on strong core business, larger SALB gains - Earnings Flash

VJC released H1 2017 results, in which revenue and NPAT surged 31% and 43%, respectively, vs H1 2016. These results were mainly driven by (1) strong growth in core revenue (total revenue excluding sales of aircraft) mainly backed by international route expansion, (2) an increase in both selling prices and gains from sale-and-lease-back transactions (SALB), and (3) well controlled G&A expenses. Overall, VJC’s H1 2017 results are broadly in line with our forecast.