Waha Capital, which owns a stake in AerCap, the world's largest aircraft leasing firm, posted a 3.5% drop Y-o-Y in first quarter profit, as higher costs offset revenue growth. The Abu Dhabi investment firm made a net profit of AED175.85 million for 1Q2016. Waha Capital produced a return-on-average equity of 4.5% in the first quarter, in line with a year earlier. Revenue from the sale of goods and services in 1Q2016 reached AED86.36 million, versus AED55.83 million in 1Q2015, an increase of 55% Y-o-Y. General expenses rose to AED95.86 million in the first quarter, compared to AED66.03 million in the previous year period, an increase of 45% Y-o-Y. The company made significant investments during the quarter, acquiring 3.88 million additional shares in New York Listed AerCap Holdings for AED519.2 million and committing AED147.1 million in the newly-launched Waha Value Fund, which invests in MENA listed equities. The company also received AED81.9 million in distributions from MENA Infrastructure Fund, following the fund’s divestment of two of its assets. (Reuters, Company disclosure)