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Friday, November 15, 2013

AviTrader Daily Aviation News Alert

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Emirates reject Delta’s apology regarding Anderson’s 9/11 comments

February 20, 2015 · 556 Views

The bitter dispute between US- and Gulf-based airlines has reached a new level after Emirates flatly rejected an open apology made concerning what was seen as incredibly tactless and insensitive remarks made by Delta’s Chief Executive, Richard Anderson. The unfortunate incident relates back to comments made by a group of American airlines that a number of the larger Gulf carriers had benefited from state subsidies amounting to a figure in excess of US$40bn. As a consequence the American airlines either wanted to renegotiate or scrap the current Open Skies agreement.
Offended by such claims, the Gulf carriers retaliated by questioning whether or not US airlines had received government subsidies totaling US$5bn in the wake of 9/11. Unfortunately Delta’s Anderson, responding to this claim on CNN, said: “It’s a great irony to have the United Arab Emirates from the Arabian Peninsula talk about that, given the fact that our industry was really shocked by the terrorism of 9/11, which came from terrorists from the Arabian Peninsula.” While the UAE and Qatar, two of the States’ allies who have offered either military or logistical support for international operations were particularly upset by these comments, Delta simply made it clear that Anderson had been responding to claims regarding post 9/11 subsidies. “He didn’t mean to suggest the Gulf carriers or their governments are linked to the 9/11 terrorists. We apologize if anyone was offended.”
Unfortunately the largest of the three main Gulf carriers did not see this as acceptable. “We believe that the statements made this week by Mr. Anderson were deliberately crafted and delivered for specific effect,” it confirmed in a statement. However US airlines continue to complain that they have lost significant numbers of bookings since 2008 as a result of Gulf competition and cited documents they indicate demonstrate aid which has allowed their competitors to offer cheap fares. In retaliation, Gulf officials say that most US carriers do not fly the same routes and are losing business only because they offer an inferior service.
This is not a dissimilar situation to the one between Gulf airlines and European carriers, including Lufthansa, and coincidentally has come at the same time as US airlines are trying to have US Exlm Bank closed down. They believe Gulf carriers are benefitting to a greater degree from the export credit agency. The tit-for-tat dialog continues with Western airlines showing concern for the safety of thousands of service industry jobs, a complaint to which Gulf carriers have responded by making it very clear they support at least as many jobs in the aerospace sector with their huge orders for aircraft.


Snecma and HAL to create joint venture and build a new production facility in India

February 20, 2015 · 655 Views

Snecma (Safran), a leading manufacturer of aircraft engines, and Hindustan Aeronautics  (HAL), a leading aerospace manufacturer, signed a Memorandum of Understanding (MoU) on January 28th, 2015 in Bangalore to explore establishing a joint venture in India for the production of aero-engine parts.  The proposed joint venture will initially focus on the manufacture of high-tech parts for the Dassault Rafale’s Snecma M88 engine, then subsequently contribute to other major aerospace projects of HAL & Snecma, in India and worldwide. Spanning over 30,000 m², the proposed joint venture’s new plant is expected to benefit from substantial investment by the two partners, providing it with state-of-the-art machinery and equipment. This agreement marks a major step forward in the long-standing collaboration between Snecma and HAL. The proposed joint venture will further broaden the scope of the excellent relations established over the past 60 years between Safran affiliates and the Indian aerospace industry. For example, Snecma manufactures the M53 engines powering the Mirage 2000H “Vajra” fighters operated by the Indian Air Force.


Design flaws led to 787 battery fire

December 2, 2014 · 197 Views

On the 7th January 2013 a fire was reported on board a Boeing 787 Dreamliner while parked at Boston’s airport in the USA. The fire was put down to a problem with one of the plane’s lithium-ion batteries. A week later an All Nippon Airways 787 Dreamliner had to make an emergency landing after smoke was discovered inside the plane which was subsequently traced back to another lithium-ion battery. As a consequence of this incident, all 787 Dreamliners were grounded until April of that year until further acceptable testing and improvements were carried out to the battery system on board the plane. The battery itself was manufactured by GS Yuasa and comprised eight individual cells making up a combined weight of 63lbs.
Nearly two years later and the results of the investigation into the first incident have concluded that the lithium-ion battery installed in the plane should not have received certification by the FAA. The National Transport Safety Board (NTSB) were also critical of Boeing who they believed had erroneously ruled out the chances of thermal runaway in its assessment of the battery’s safety. Boeing’s battery tests to obtain original certification included crushing battery cells, driving nails through them and deliberately introducing short circuits to cause failure. Boeing found “nothing adverse happened” while these tests were carried out, and so deemed the battery’s box and internal protection to be of an acceptable standard. Boeing stated that it had followed the certification process set out by the FAA. It would seem that while the cause of the fire has been clearly identified, responsibility for its occurrence has not been accepted in full by anyone.


Rolls-Royce forced to axe 2,600 jobs after second profit warning this year

November 5, 2014 · 164 Views

Back in February this year, Rolls-Royce, the FTSE-100 engine maker, lost over £3bn of its value after shocking the market with its first profits warning in a decade. To announce a second one this October has created considerable concern and Rolls-Royce has decided that over the next 18 months they need to reduce costs by up to £80m a year by axing 2,600 jobs, the majority of which will be in the aerospace sector in Britain and the United States. The focus is on Rolls-Royce’s key Trent engines as they move from the development to the production phase, which consequently requires fewer engineers.
Back in February John Rishton, Rolls-Royce group’s Chief Executive, had admitted that the future was “bumpier than I had expected”, while blaming the current problems on deteriorating economic conditions and a tit-for-tat trade war between the EU and Russia over the Ukrainian crisis which had affected its nuclear and energy business as well as its power-systems unit. This week Rishton has had to admit that “We are taking determined management action and accelerating our progress on cost. The measures announced today will not be the last; however they will contribute towards Rolls-Royce becoming a stronger and more profitable company.”
Another consequence of the situation is the unexpected departure of Finance Director, Mark Morris, leaving the company after 27 year without any explanation. He will be replaced by David Smith, who is being promoted from Finance Director of the Rolls-Royce Aerospace division. This second profit warning saw share value fall 11% to 832p, wiping a further £2bn off the company’s value. However, news of the redundancies was well received by investors and the share price rallied by 2%, currently standing at 832p. This is clear confirmation of comments made by Espirito Santo’s analyst, Ed Stacey, who indicated that investors would be expecting a clear message from the new Finance Director and tight control on all finances.


Air France-KLM selects GEnx engines for Boeing 787 fleet

March 25, 2014 · 113 Views

Air France-KLM selected the GEnx-1B engine to power its 25 Boeing 787 Dreamliners and 12 leased 787 aircraft. The total engine order is valued at more than $1.7bn. Air France-KLM and GE Aviation have also signed an agreement that will allow Air France-KLM to offer maintenance, repair and overhaul (MRO) services for the GEnx-1B engine. Under this agreement, Air France-KLM will be licensed to perform maintenance and overhaul work on the GEnx-1B engine and GE will provide technical support and assistance on overhaul workscoping and component repair licenses, comprehensive material support and training.


ILFC closes $1.5bn senior secured term loan

March 7, 2014 · 80 Views

International Lease Finance Corporation (ILFC) has closed a new senior secured term loan of $1.5 billion. The loan will bear interest at LIBOR plus 275 basis points with a 0.75% LIBOR floor, is priced at 99.5% of par value, and will mature in 2021. The collateral used to support the transaction has an initial weighted average age of 9.1 years. It will be secured primarily by a first priority-perfected lien on the equity of certain of ILFC’s subsidiaries, which directly or indirectly own a pool of aircraft and related leases. ILFC plans to use the proceeds for general corporate purposes, including purchasing aircraft and supporting the company’s liquidity cushion.


Airbus Commercial reports another year of financial improvement

February 26, 2014 · 80 Views

In 2013, Airbus achieved a new industry record of 1,619 gross commercial orders (FY 2012: 914 gross orders) with net orders of 1,503 aircraft (FY 2012: 833 net orders), excluding ATR. Gross orders comprised 1,253 A320 Family aircraft, 77 A330s, 239 A350 XWBs and 50 A380s. Fourth-quarter orders included Emirates Airline’s agreement for 50 A380s and Etihad Airways’ order for 50 A350 XWBs, 36 A320neos and one A330-200F. Airbus Military (now part of Airbus Defence and Space) received 17 net orders (FY 2012: 32 net orders). Airbus’ net order intake increased sharply to €202.3bn (FY 2012: €88.9bn). At the end of 2013, Airbus’ consolidated order book was valued at €647.4bn (year-end 2012: €525.5bn). The Airbus Commercial backlog was worth €627.1bn (year-end 2012: €505.3bn), comprising 5,559 Airbus aircraft (year-end 2012: 4,682 units) and representing over eight years of production. Airbus Military’s order book was worth €20.8bn (year-end 2012: €21.1bn). Airbus series aircraft deliveries increased to 626 aircraft (FY 2012: 588 aircraft, including three A330s without revenue recognition). Airbus Military delivered 31 aircraft (FY 2012: 29 aircraft). Airbus’ consolidated revenues increased seven percent to €42,012m (FY 2012: €39,273m), reflecting higher commercial and military aircraft deliveries. The Division’s consolidated EBIT rose to €1,710m (FY 2012: €1,252m). Airbus Commercial’s revenues rose to €39,889m (FY 2012: €37,624m). The Airbus Commercial reported EBIT was €1,595m (FY 2012: €1,147m) with the EBIT before one-off at €2,216m (FY 2012: €1,669m). Airbus Commercial’s EBIT before one-off benefitted from the improved operational performance, including favourable volume, some better pricing and an improvement in A380 losses. It also included higher A350 XWB programme support costs. Revenues at Airbus Military rose to €2,893m (FY 2012: €2,131m), driven by the A400M ramp-up and higher volumes from both light and medium transport planes and tankers. The EBIT at Airbus Military was €166m (FY 2012: €93m).


Boeing Commercial Airplanes reports full year revenue of $53bn

January 29, 2014 · 76 Views

Boeing Commercial Airplanes fourth-quarter revenue increased to $14.7bn and full-year revenue increased to a record $53bn on higher delivery volume. Fourth-quarter operating margin improved to 10.3% and full-year operating margin grew to 10.9% on the higher volume, favorable delivery mix and continued strong operating performance. During the quarter, the company launched the 777X with 259 orders and commitments. During the year, the 787 program completed first flight of the 787-9, successfully launched the 787-10 and began operating at a 10 per month production rate in final assembly. The 737 program delivered at a record production rate of 38 per month and has won nearly 1,800 firm orders for the 737 MAX since launch. In 2013, a record 648 commercial aircraft were delivered. In January 2014, the company reached an eight-year contract extension through 2024 with the International Association of Machinists & Aerospace Workers District 751 (IAM). Commercial Airplanes booked 465 net orders during the quarter and 1,355 during the year. Backlog remains strong with 5,080 airplanes valued at a record $374 billion.


A350 XWB in Bolivia for high altitude testing

January 9, 2014 · 67 Views

The A350 XWB development aircraft, MSN3, is in Bolivia where it will perform a series of tests at the high altitude airfields of Cochabamba and La Paz. Cochabamba is around 8,300 feet above sea level, and La Paz is one of the world’s highest airports at 13,300 feet. Operations at such high altitude airfields are particularly demanding on aircraft engines, Auxiliary Power Unit (APU) and systems. The aim of these trials is to demonstrate and validate the full functionality of engines, systems, materials as well as to assess the overall aircraft behaviour under these extreme conditions. A number of take-offs with all engines operating and with simulated engine failures are being performed at each of the airfields to collect data on engine operating characteristics and validate the aircraft take-off performance. The autopilot behaviour will also be evaluated during automatic landings and go-arounds. Since the A350 XWB’s first flight with MSN1 on June 14th 2013, over 800 flight test hours have been performed in close to 200 test flights by both MSN1 and MSN3. In total the A350 XWB flight test campaign will accumulate around 2,500 flight hours with the fleet of five aircraft. The rigorous flight testing will lead to the certification of the A350-900 by the European EASA and US FAA airworthiness authorities, prior to entry into service in Q4 2014.


Firefly welcomes first ATR 72-600

July 5, 2013 · 66 Views

Firefly, Malaysia Airlines’ subsidiary carrier has taken ownership of its first brand-new ATR 72-600. The aircraft is the first of 20 latest generation firm ATRs, plus 16 options, ordered by Malaysia Airlines in December 2012. Firefly currently operates 12 ATR 72-500s, and with the arrival of the new ATR 72-600s will almost triple its exclusively ATR 72 aircraft fleet, taking the total to over 30 aircraft.


GE’s Passport engine begins first full engine test

June 26, 2013 · 42 Views

Certification testing is underway on the first Passport development engine at GE Aviation’s Peebles Testing Operation in Ohio. The engine began ground testing on June 24th and ran for more than three hours, reaching more than 18,000 lbs. of standard day sea-level takeoff thrust. Eight Passport engines and one core will be involved in the engine certification program. Flight testing on GE’s flying testbed is scheduled for 2014. Engine certification is expected in 2015. The Passport engine certification program follows three years of validation testing. GE Aviation has conducted validation tests on the fan blisk design, including two fan blade-out rig tests, ingestion tests and a fan aero rig test to demonstrate fan efficiency. Testing is complete on the third eCore demonstrator, and GE has accumulated more than 300 hours of testing on eCore demonstrators to date.


Rolls-Royce wins order from CIT to power 23 aircraft

May 22, 2013 · 55 Views

Rolls-Royce has won an order from US leasing company CIT Aerospace for Trent XWB engines, to power ten Airbus A350 XWB aircraft and Trent 700 engines to power 13 Airbus A330 aircraft. The Trent XWB engines will power ten CIT A350 aircraft that were announced in January 2013 which were in addition to five A350 XWB aircraft already on order. The Trent XWB, specifically designed for the Airbus A350, is the fastest selling Trent engine ever, with more than 1,200 already sold. The engine variant that will power the A350-800 and -900 was awarded European Aviation Safety Agency (EASA) type certification in February. The engine will power the first flight of the Airbus A350 XWB this year and the aircraft’s first in-service flight in 2014.


Vector Aerospace to keep the Lynx flying

November 13, 2013 · 23 Views

Vector Aerospace UK, a leading provider of aviation maintenance, repair and overhaul (MRO) services, has been awarded an extension to the Lynx Aircraft and Component Servicing , Repair and Overhaul contract by the Ministry of Defence. The announcement, which will secure Lynx depth maintenance at the site, has rewarded the company’s commitment to the strengthening of relationships with its customers by offering superior service through rigorous implementation of process innovation.


Flying Colours delivers first special mission CRJ ExecLiner Sharjah, UAE

November 13, 2013 · 14 Views

Ahead of this year’s Dubai Airshow, Flying Colours Corp., the Canadian headquartered MRO, completion and refurbishment specialist has delivered its first special mission CRJ ExecLiner conversion to Sharjah, UAE-based operator Eagle Aviation FZC. The aircraft was delivered at the beginning of November following a refurbishment process of four months and incorporated complete Flying Colours Corp Supplemental Type Certification. Refurbishment saw the Flying Colours Corp design team work in close collaboration with the operator to convert the aircraft, which had been part of a US airliner fleet, to an innovative special mission airplane. The newly fitted aircraft can offer regular VIP charter, Medevac options, or a combination of charter/medevac, so providing Eagle Aviation with the ultimate versatility at a very cost effective rate.


Turkish Technic Calibration Laboratory broadens service portfolio

November 13, 2013 · 24 Views

As being one of the leading accreditated calibration laboratories in the region, in addition to pressure and torque calibration services, Turkish Technic now adds electrical, temperature and humidity calibration services to its services portfolio. The extended accreditation coverage is in effect and Calibration Laboratory has already been serving its customers with the newly added services. Calibration services performed are in line with ISO/IEC 17025 standards and civil aviation regulations. Thus, the Laboratory is accreditted by Turkish Accreditation Agency, TURKAK (accreditation number: AB-0092-K). Turkish Technic Calibration Laboratory has the following certificates: ISO17025, AS9100, ISO9001, ISO10012.


Finnair lowers financial guidance for 2013

November 13, 2013 · 21 Views

The weak visibility of air traffic development continues due to the uncertain economic outlook in Europe and slower growth in Asia. Fuel costs are expected to remain high in the last quarter of 2013, and the demand for air traffic is estimated to grow moderately. Due to the preparations already made for the possible strikes of SLSY and IAU, Finnair’s turnover will be below the 2012 level and its operational result for 2013 will turn to a loss. If the strikes are carried out to the extent threatened, they will result in further direct revenue losses of at least €60m and decrease Finnair’s operating result by at least €30m. In addition, unit costs excluding fuel (CASK excl. fuel) will increase from 2012. If the strikes are avoided, unit costs excluding fuel are expected to decrease compared to 2012.


Iceland Air award MAC Interiors refurbishment contract

November 13, 2013 · 21 Views

National flag carrier Iceland Air has awarded MAC Interiors (formerly MacCarthy Aviation Holdings) a significant contract to provide lavatory upgrade kits for two B737- 800 and one B737-700 aircraft. The contract is to provide upgrade kits for six economy and three business class lavatories. The lavatory kits designed, manufactured and certified by MAC Interiors include; Corian worktop, stainless steel basin, faucet, LED floor lighting, lightweight plastic mirror with LED backlighting, plus many more features across both business and economy class lavatories.


STS Component Solutions opens Asia Pacific regional office in Singapore

November 13, 2013 · 21 Views

STS Component Solutions, a division of the STS Aviation Group, announced the establishment of a new regional office in Singapore. This new office will support the current customer base and further enhance STS’s growth strategies for the Asia Pacific region. The opening of this office exemplifies STS’s commitment to its customers and OEM business partners in providing a global presence for its supply chain solutions.


Air Lease Corporation announces pricing of public offering of $700.0m of 3.375% Unsecured Senior Notes

November 13, 2013 · 10 Views

Air Lease Corporation announced the pricing of its public offering of $700.0m in aggregate principal amount of 3.375% unsecured senior notes due 2019 (the “Notes”). The Notes were offered to the public at a price of 99.858% of par. The sale of the Notes is expected to close on November 19, 2013, subject to satisfaction of customary closing conditions. The Notes will mature on January 15, 2019 and will bear interest at a rate of 3.375% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, commencing on January 15, 2014. The Company intends to use the net proceeds of the offering for general corporate purposes, which may include, among other things, the purchase of commercial aircraft and the repayment of existing indebtedness.


Xiamen Airlines takes delivery of 100th airplane

November 13, 2013 · 16 Views

Boeing and Xiamen Airlines celebrated the 100th airplane to join China’s only all-Boeing carrier. Formed in 1984 as China’s first joint venture between CAAC and a municipal government, Xiamen Airlines started services in 1985 with two Boeing 737-200s serving three cities. The carrier has grown into China’s sixth largest carrier serving 218 domestic routes and 26 international and regional routes. With today’s delivery of a Boeing 737-800, Xiamen Airlines’ fleet now consists of 100 airplanes – 17 737-700s, 77 737-800s and six 757-200s.


Germania becomes new Airbus A321 operator

November 13, 2013 · 16 Views

S.A.T., the holding company of the Berlin-based German carrier Germania, has taken delivery of its first out of two A321s on order. Both aircraft are equipped with Airbus’ wing tip fuel saving devices, called Sharklets. The airline has already been operating eight A319 successfully since 2011. The new Germania A321 will operate exclusively for Alltours, one of Germany’s biggest travel agencies. The airline has chosen a spacious single class cabin layout for 208 passengers. The cabin will be equipped with a state-of-the-art entertainment system, featuring video screens and in-seat audio channels. The aircraft will be powered by CFM engines.


StarFlyer und Lufthansa Technik extend and expand cooperation

November 13, 2013 · 8 Views

Japanese airline StarFlyer und Lufthansa Technik are extending and expanding their cooperation. The technical support provided since the airline began operating in 2006 is now being continued and even broadened through a Total Technical Support TTS contract valid through 2022. As part of its comprehensive supply of the airline’s current fleet of eleven Airbus A320s, Lufthansa Technik has been contracted to provide an expanded range of services for the engines and landing gears. In addition, for the first time Lufthansa Technik will take over the complete execution and integrated support of a customer’s lease returns. Founded seven years ago with initially three Airbus A320s, StarFlyer offers domestic service to destinations in Japan as well as connections to Korea. Currently the fleet consists of eleven aircraft.


BOC Aviation prices first offshore RMB bond

November 14, 2013 · 10 Views

BOC Aviation has priced its first offshore RMB-denominated bond. The coupon on the 5-year unsecured notes of RMB 1bn is 4.5% p.a. The notes will close on November 20th, 2013, subject to the satisfaction of customary closing conditions. The transaction was issued off BOC Aviation’s US$2bn Euro Medium Term Note Programme originally established in September 2012 and was 3.5 times subscribed with an order book aggregating RMB3.5bn. It was jointly arranged by BOC International, HSBC and Standard Chartered Bank.


MTU Maintenance Zhuhai celebrates 1,000th CFM56 engine overhaul

November 14, 2013 · 19 Views

MTU Maintenance Zhuhai, a joint venture between Germany’s leading engine manufacturer MTU Aero Engines and China Southern Air Holding Company, celebrated the MTU Maintenance group’s 1,000th overhaul of a General Electric CFM56. The engine was delivered to customer China Southern Airlines. The celebration event was opened by Frank Bodenhage, MTU Maintenance Zhuhai President and CEO, and attended by 90 guests from both companies. After the opening speech the official certificate of the engine, a CFM56-7, was formally handed over to Li Hui, China Southern’s on-site engineer. The airline operates a fleet of 454 aircraft, 200 of which are CFM56-powered. China Southern is Asia’s largest airline in terms of fleet size and number of passengers carried, and the only Chinese carrier ranking among the top ten airlines of the world.


DVB Group post consolidated net income before taxes of €96.2m

November 14, 2013 · 25 Views

DVB Bank SE published its results for the first nine months of 2013. DVB continued to successfully provide financing solutions and advisory services to its clients in the international transport sector during the first nine months of 2013, despite the prevailing difficult situation in individual submarkets of international maritime shipping. Consolidated net income before taxes of €96.2m was 7.8% lower than in the previous year (9 months 2012: €104.3m). The year-on-year change was due to a non-recurring effect in the previous year; namely, the sale of a stake in British aero engine specialist TES Holdings Ltd.


Transaero selects Aviointeriors for Business Class of its B737-800

November 14, 2013 · 21 Views

Aviointeriors has been chosen by Transaero to contribute to the expansion of the Business Class also in the medium-haul application on board of its B737-800. Transaero has decided to enhance the comfort for its passengers even more, by reconfiguring its B737-800 aircrafts and installing the Zeus model seats produced by Aviointeriors in its Imperial Class cabin. The Transaero B737-800 aircrafts equipped with the Zeus seats will connect Moscow to a number of European cities, to Israel and to the CIS Countries.


Rolls-Royce delivers 1.500th engine to Lockheed Martin for C-130J

November 14, 2013 · 9 Views

Rolls-Royce has completed its 1,500th AE 2100 engine for installation on a Lockheed Martin C-130J aircraft, scheduled for delivery to the US Air Force in 2014. The milestone demonstrates the continued success of the versatile and proven C-130J military transport aircraft and its powerful, reliable and fuel-efficient turboprop engines. More than 300 of the four-engine transports have been delivered or are on order to customers in 15 countries, across 16 different mission types. The 1,500th engine was delivered to Lockheed Martin’s Marietta, GA, facility.


Didier Verté appointed VP Sales, Africa-Middle East

November 14, 2013 · 20 Views

AFI KLM E&M appointed Didier Verté VP Sales, Africa-Middle East. With a degree in Engineering, Didier Verté began working at AFI KLM E&M in 1990 as a Propulsion Engineer in Central Engineering after a period at SNECMA as design engineer and at FN Moteurs, where he was a Project Manager on components for the Ariane 5 spacecraft. After joining AFI KLM E&M, he was subsequently made Product Manager for GE Engines and later as General Manager, Customer Services, Engines, he was tasked with sales support and negotiations of contracts, as well as oversight and invoicing of maintenance work for customers.


Doric aircraft portfolio increases to 38

November 14, 2013 · 24 Views

On November 14th, 2013, Emirates took delivery of a further Airbus A380-861. The aircraft, bearing the manufacturer’s serial number 134, is owned by a subsidiary of Doric Nimrod Air Three Limited and leased to Emirates. This Airbus is the 116th A380 to have been delivered so far. Doric’s asset management portfolio now comprises 38 aircraft, including a number of A380s with different engine and MTOW (maximum take-off weight) options. Doric’s assets under management currently total US$7.8bn. Based in Germany, with subsidiaries in the UK and USA, Doric GmbH is one of the world’s largest asset managers of widebody aircraft.


EADS reports improved nine-months

November 14, 2013 · 19 Views

EADS reported higher revenues and profits for the first nine months of 2013, driven by the strong momentum within its commercial aircraft activities. Order intake more than doubled to €138.2bn with the order book value reaching €642.5bn at the end of September. The Net Cash position was €5.2bn on 30 September, 2013. Over the first nine months of 2013, EADS’ revenues increased 7% to €40.0bn (9m 2012: € 37.3bn), reflecting the aircraft delivery pattern at Airbus Commercial and increasing activity at Airbus Military (A400M). Revenues were broadly stable at Eurocopter, Astrium and Cassidian. EADS’ reported EBIT increased to €2.1bn (9m 2012: €1.6bn). One-off charges were limited to the known impact related to the A380 wing rib feet issue and the pre-delivery payment (PDP) dollar mismatch and balance sheet revaluation at Airbus. The finance result was €-445m (9m 2012: €-337m) while net income increased to €1,195m (9m 2012: €880m). Free Cash Flow before acquisitions amounted to €-4,815m (9m 2012:€-3,235m), reflecting the working capital evolution linked to delivery phasing, industrial ramp-up, some customer financing activity and the seasonality of the group’s government business.


Air Lease Corporation announces lease placement with Okay Airways

November 14, 2013 · 10 Views

Air Lease Corporation announced the long term lease of one new Boeing 737-800 jet aircraft to Okay Airways, based in Beijing, China. The aircraft is scheduled for delivery to Okay Airways in June, 2015.


IAI releases improved financial results for 3rd Quarter of 2013

November 14, 2013 · 12 Views

IAI reported net profits for the 3rd quarter increased to $57.9m, compared to $37.5m in the 3rd quarter of 2012 – an increase of 54%. Profit before tax totaled $80.7m, compared to $50.3m in the parallel period of last year – an increase of 61%. Company revenues for the 3rd quarter of 2013 were the highest for the last five years, and totaled $643.3m, compared to $605.8m in the parallel quarter of last year – an increase of 6.2%. Cash flow from regular Company activities during the 3rd quarter of 2013 rose to $56.1m, compared to a cash flow of $13.3m in the parallel quarter of 2012, and to $184.6m in the first nine months of 2013. Capital as of the 30th September 2013 totaled to $169.4m, compared to $135.8m as at 31st December 2012.