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Friday, February 21, 2014

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.

BOC Aviation prices first 10 year offshore RMB bond

February 19, 2014 · 15 Views

BOC Aviation has priced a private placement of RMB 300m of 10-year senior unsecured fixed rate notes (the “Notes”). This is first 10-year offshore RMB bond issued by BOC Aviation and the first to be issued by an aircraft operating lessor. The transaction, arranged by DBS Bank, was issued off BOC Aviation’s US$2bn Euro Medium Term Note Programme established in September 2012. The sale of the Notes is expected to close on 26 February 2014, subject to satisfaction of customary closing conditions.

Universal Asset Management receives three aircraft for disassembly

February 19, 2014 · 19 Views

Universal Asset Management reported the arrival of three aircraft to their Tupelo, MS disassembly facility at the Tupelo Regional Airport (TUP) for immediate disassembly and sale. An Airbus A300 previously operated by Monarch Airlines, an Airbus A330 previously operated by Malaysia Airlines, and an Airbus A340 previously operated by Lufthansa will be inducted into UAM’s End-of-Life Recycling Process and the components that are removed from the aircraft will be added to UAM’s Airbus aftermarket component inventory.

Dassault’s Falcon 2000S flies into Brazilian market

February 19, 2014 · 13 Views

Dassault Falcon Jet recently delivered its first Falcon 2000S in Brazil following certification by ANAC, Brazil’s aviation regulatory authority, late last year. Launched in May 2011 and certified by EASA and the FAA in early 2013, the 2000S brings a large cabin aircraft to the super mid-sized business jet market. 15 units have been handed over to date. The event boosted the active Falcon fleet to 2,000 aircraft, flown by 1,191 operators in 88 countries – testimony to the immense popularity of the Falcon jet line around the globe. Among these are more than 500 Falcon 2000’s, including the 2000S.

Spirit Airlines announces fourth quarter and full year 2013 results

February 19, 2014 · 18 Views

Spirit Airlines reported that net income for the fourth quarter 2013 increased 109.9% to $41.0m, compared to $19.5m for the fourth quarter 2012. GAAP net income for the fourth quarter 2013 was $43.2m compared to $19.6m in the fourth quarter 2012. Adjusted net income for the full year 2013 increased 71.0% to $177.5m compared to $103.8m for the full year 2012. GAAP net income for the full year 2013 was $176.9m compared to $108.5m for the full year 2012.

Airbus to strengthen shareholding at Harbin Manufacturing Centre

February 19, 2014 · 26 Views

Airbus is increasing its share in the Harbin Hafei Airbus Composite Manufacturing Centre (HMC), from 20 to 25%.  The joint-venture which was set up in 2009 is between Airbus and a group of Chinese partners. AVIC (the Aviation Industry Corporation of China) is the holding group of major Chinese shareholding companies that own the centre. Following the agreement, the HMC will increase the production of A320 rudders from 50% of the total production worldwide to 80%. The two parties will also work toward ensuring the ramp up of the A350 XWB work packages at the HMC and also commit to exploring other opportunities.

SunExpress finalizes order for 15 737 MAXs, 25 Next-Generation 737s

February 19, 2014 · 21 Views

Boeing and Turkish airline SunExpress have finalized an order for 15 737 MAX 8s and 25 Next-Generation 737-800 airplanes. The order, valued at more than $3.8bn at list prices, also includes options for 10 additional 737 MAX 8s. The order is the largest in the Turkish carrier’s near 25 year history, and brings the total number of orders to date for the 737 MAX to nearly 1,800.

Thai Airways selects Messier-Bugatti-Dowty wheels and brakes for Boeing 787 fleet

February 19, 2014 · 30 Views

Thai Airways has selected Messier-Bugatti-Dowty (Safran) to equip its forthcoming new fleet of Boeing 787-8 in wheels and electric brakes. The first of these airplanes is expected to enter into service in June 2014. Messier-Bugatti-Dowty will also assist Thai Airways in developing in-house maintenance capability for this new range of products.

Latin American carrier Avianca and ATR sign a 10-year maintenance contract

February 20, 2014 · 22 Views

Avianca has selected ATR to maintain and repair its new fleet of ATR 72-600 aircraft for a period of 10 years. As reported at the time, in late 2012 Avianca signed a purchase agreement with ATR for a fleet of 15 ATR 72-600 aircraft, with the option for 15 additional aircraft of the same type.  The Global Maintenance Agreement (GMA) covers the supply of spare parts, as well as repair and maintenance services for the new fleet of ATR aircraft currently being incorporated into the airline. ATR will handle the complete management of LRUs (Line Replaceable Units), the maintenance and availability of aircraft pieces, the advanced exchange pool of services, plus an inventory of spare parts at ATR’s logistics center in Miami.

Avtrade appoints new Regional Marketing Manager – MENA

February 20, 2014 · 23 Views

Avtrade announced further expansion of the Dubai office with the appointment of Martti Fischle in the new role of Regional Marketing Manager – MENA. Multilingual with a degree in marketing and background in sales and marketing with a leading European Airline, Martti brings a wealth of knowledge plus three years experience working in the Gulf region.

MC Assembly achieves AS 9100 Rev C certification

February 20, 2014 · 15 Views

MC Assembly, a leading mid-tier electronic manufacturing services (EMS) provider, has achieved AS 9100 Rev C implementation and certification for its Winchester, Massachusetts manufacturing facility. This certification, which provides a common set of quality requirements across the global aerospace community, accredits MC Assembly’s Quality Management System compliance to the aerospace requirements to manufacture and service printed circuit board assemblies, sub-assemblies and final assemblies. MC Assembly has extensive experience working with leading aerospace and defense companies to provide superior quality products supported by high-technology inspection tools, robust quality systems, ITAR certification, J-STD-001E and IPC class 3 soldering capabilities. In addition, MC Assembly in Massachusetts has made significant capital equipment investments over the last year in support of both the aerospace and defense marketplace.

Precision Aviation Group expands Australia facility and breaks ground on new repair station

February 20, 2014 · 15 Views

Atlanta-based Precision Aviation Group (PAG) has recently expanded its operations in Brisbane, Australia with an additional 5,000 ft². The expansion will house the Repair Station – Precision Accessories and Instruments – Australia (PAI-AU). The expansion doubles the size of PAG’s footprint in Australia. PAG opened Precision Heliparts – Australia (PHP-AU), serving the Rotary-wing market in January 2013. The newly expanded 10,000 ft² facility will include state of the art sales, warehouse and shop areas. This expansion is part of the company’s plan of continued capital investments to strengthen PAG’s ability to support its’ customers around the globe. Implementation teams are currently in the Brisbane facility building test equipment, fixtures and tooling for the new CASA/EASA Repair Station that will open in 2014. This addition of space and the new repair station increases the global footprint of PAG companies to nearly 200,000 square feet. “Our growth strategy focuses on having sales and service facilities close to where our customers are located,” said David Mast, President and CEO of PAG. “We are very pleased with how quickly our customers responded to having a facility located in Brisbane, and we will continue to expand our Geographic footprint in the coming years.”

Macquarie reports fourth quarter and full-year 2013 financial results

February 20, 2014 · 16 Views

Macquarie Infrastructure Company reported its financial results for 2013 including a 12.2% and 25.4% increase in proportionately combined Free Cash Flow for the fourth quarter and full year, respectively. The increases reflect better than anticipated results at MICs Atlantic Aviation business, partially offset by higher operating expenses and maintenance capital expenditures at International-Matex Tank Terminals. Proportionately combined Free Cash Flow per share for the full-year 2013 increased 11.7% compared with the full-year 2012, excluding swap break fees incurred at Hawaii Gas in 2012. Per share figures for the full year include the impact of a 10.2% increase in the number of the Companys weighted average shares outstanding at year-end. MIC issued 8.8m additional shares during 2013 including shares sold in follow on offerings in May and December. The sales increased MICs weighted average number of shares outstanding at year end by 4.7m versus year end 2012. The proceeds of the sales were used primarily to reduce the indebtedness of and facilitate acquisitions by the Companys Atlantic Aviation business. On February 14, 2014, MICs Atlantic Aviation business signed an agreement to acquire certain of the assets of a Fixed Base Operation (FBO) at Boca Raton Airport in Boca Raton, Florida from Boca Aviation for $35.0m. The acquisition is expected to generate annualized adjusted EBITDA of approximately $3.2m. The Company expects to fund the acquisition using a combination of cash on hand and drawings on the recently upsized term loan facility at Atlantic Aviation. The transaction is expected to close at the end of the first quarter of 2014, subject to the receipt of consent from the Boca Raton Airport Authority and satisfaction of other closing conditions typically associated with a transaction of this size and type.

LBAS new line maintenance station in Zurich (Switzerland) officially approved and inaugurated

February 20, 2014 · 16 Views

Lufthansa Bombardier Aviation Services GmbH (LBAS), Berlin-based leading specialist in the maintenance, repair and overhaul of Bombardier business aircraft, has set up a line maintenance station in Zurich, Switzerland. After a two-day audit by the German Airworthiness Authority acting on behalf of the European Air Safety Agency (EASA), the station has officially been approved and is ready to serve customer aircraft with immediate effect.

Aleris signs multi-year agreement with Boeing

February 20, 2014 · 13 Views

Aleris recently signed a multi-year agreement with Boeing to supply aluminum aerospace plate and sheet. Aleris is a key supplier to all major aircraft manufacturers worldwide. With more than 30 years of aerospace experience, the company supplies innovative materials that meet the highest quality standards in the industry, as well as virtually any specification an individual customer may require. Aluminum plate and sheet products for Boeing will be supplied from Aleris’ production facility in Koblenz, Germany. Boeing and Aleris are also currently in the process of qualifying Aleris’ state-of-the-art rolling mill in Zhenjiang, China, for aircraft plate. Aleris formally introduced its $350m hot rolling mill in April 2013. The facility is designed to meet fast-growing demand for technically advanced aluminum plate products for global aerospace and commercial plate customers. Aleris recently announced that it has attained AS 9100 certification for its rolling mill in Zhenjiang, China, which is the basic aircraft-related quality standard approval for the production of aircraft aluminum plate.

Sikorsky awarded maintenance contract for U.S. Navy pilot training aircraft

February 20, 2014 · 28 Views

Sikorsky Aircraft announced the award of a maintenance and support services contract for more than 360 aircraft operated by the Chief of Naval Air Training (CNATRA). Valued at an estimated $110m, the work is expected to be completed in October 2014. The contract was awarded by the Naval Air Systems Command (NAVAIR), based at the Naval Air Station in Patuxent River, Maryland. Sikorsky is providing program and material management, scheduled inspections, depot level maintenance, required repairs, modifications and logistical support for Naval Air Training undergraduate missions. Aircraft variants include the single-engine T-34, the twin engine T-44A and T-44C, and the single-engine T-6A and T-6B. The work is being performed at multiple sites: Naval Air Station Corpus Christi, Texas; the Naval Air Stations in Pensacola and Whiting Field, both in Florida; and seven key satellite locations throughout the continental United States.

Chorus Aviation reports fourth quarter earnings of $48.9m

February 20, 2014 · 15 Views

For the fourth quarter 2013, Chorus reported earnings before interest, taxes, depreciation and amortization (‘EBITDA1′) of $48.9m compared to $39.9m in the same quarter 2012, an increase of $9.0m. Operating income was $32.5m, $7.3m higher than the same period 2012. Adjusted net income of $20.8m, was up by $3.1m over fourth quarter 2012. For the year ended December 31, 2013 , EBITDA, operating income, and adjusted net income were impacted by $9.9m in voluntary employee severance costs which were offset by savings of $2.7m in reduced salaries, benefits, training and other costs. Operating income of $124.3m was down $3.1m year-over-year due to severance cost and the one-time Thomas Cook termination settlement of $9.0m recorded as revenue in 2012. In 2013, Chorus reported adjusted net income of $84.7m compared to an adjusted net income of $94.6m in 2012, a decrease of $9.9m, including the above noted items.

Air France-KLM to invest $100m in GOL

February 20, 2014 · 20 Views

GOL Linhas Aéreas Inteligentes, the largest, low-cost and low-fare airline in Latin America, released that it signed an exclusive long term strategic partnership for commercial cooperation with Air France-KLM, subject to the approval of the antitrust authorities (CADE). The agreement includes expanded codesharing, enhanced joint sales activities and more benefits for customers based on both frequent flyer programs in Brazilian and European markets. This partnership follows the successful strategic cooperation between GOL and Delta Airlines, the main partner of Air France-KLM, implemented since 2011. As part of this agreement, Air France-KLM will invest $100m in GOL. This amount will comprise an investment in GOL’s preferred shares for $52m, at an issuance price equivalent to US$12.23 per share. The total amount and the terms and conditions of the share issuance is subject to the approval of the GOL’s Board of Directors. In addition, Air France-KLM will fund $48m for purposes of enhancing the effectiveness of the strategic commercial partnership.

Kuwait Airlines firms up commitment for 25 Airbus aircraft

February 20, 2014 · 14 Views

Airbus confirms Kuwait Airways, the National airline of Kuwait, has ordered 25 aircraft including ten A350-900 and 15 A320neo Family aircraft as part of the airlines’ fleet renewal strategy. Kuwait Airlines already operates three A320, three A310, five A300 and four A340 Family aircraft.

Bombardier Learjet obtains FTV1 flight test permit for Learjet 85 aircraft

February 20, 2014 · 13 Views

Bombardier Aerospace reported that Learjet has obtained the first flight test permit from the Federal Aviation Administration (FAA) for the Learjet 85 aircraft Flight Test Vehicle 1 (FTV1). In addition, engine run testing and low-speed taxi testing have been successfully completed on the flight test vehicle. During the final testing stage in preparation for first flight, the Learjet 85 aircraft program team will finalize the configuration of the aircraft and conduct further engine runs and high-speed taxi tests.

Safran delivers strong operational performance in full-year 2013

February 20, 2014 · 17 Views

Safran reported that new order intake during 2013 was €20.8bn, providing evidence of robust and resilient demand. The backlog grew to €56.2bn compared to €48.5bn last year. It does not include future flows from CFM56 spares and services provided on a “time and materials” basis which will provide significant high-margin revenue streams in future decades. Approximately €0.8bn of orders in the backlog relate to joint arrangements which will not contribute to Safran’s revenue under IFRS 11. Thus, the backlog indicative of Safran’s future revenue was €55.4bn at December 31, 2013. For full-year 2013, Safran’s revenue was €14,695m, a 8.4% year-on-year increase (8.2% organic growth), compared to €13,560m in 2012. Full-year 2013 revenue increased by €1,135m on a reported basis, notably highlighting performance in the Group’s aerospace businesses. On an organic basis, revenue increased by €1,118m with higher aerospace original equipment (OEM) volumes, strong civil aftermarket trends, stability in the security business and resilience in the defence activities (avionics).