Friday, February 28, 2014
AviTrader Daily Aviation News Alert
This is an overview of all articles linked within the selected daily newsletter.
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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).
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
February 26, 2014 · 21 Views
Heico Corporation reported that net income increased 38% to $27.5m in the first quarter of fiscal 2014, up from $20.0m in the first quarter of fiscal 2013. Operating income increased 44% to $50.4m, up from $34.9m. The Company’s consolidated operating margin increased to 18.9% in the first quarter of fiscal 2014, up from 16.1% in the first quarter of fiscal 2013. Net sales increased 23% to $266.8m, fom $216.5m.
February 26, 2014 · 25 Views
After having been selected to develop, manufacture, qualify and certify the integrated air management system for the C919 single-aisle aircraft in 2010, Liebherr-Aerospace recently delivered the first bleed air system to Chinese aircraft manufacturer COMAC. The system, which consists of bleed valves, a pre-cooler, a heat exchanger, high-pressure ducting and corresponding pressure and temperature sensors connected with a bleed monitoring controller, will be used for test-driven development of the engine LEAP 1C by CFM. These components were designed to withstand thermal and mechanical requirements of the new-generation engine. Measuring equipment has been fitted on the parts to provide COMAC and Liebherr-Aerospace with information on the behavior of the bleed air system during the engine tests. The next step for Liebherr-Aerospace will be the delivery of additional components for the engine ground and vibration test benches to prepare the flight test campaign of the C919.
February 26, 2014 · 29 Views
Amur Finance Company (AFC) announced the formation of a new subsidiary, Amur Helicopter Financial Services (Amur HFS). Amur HFS will address an unfilled need in the marketplace by offering a complete suite of integrated Fleet Management Solutions to the global rotor-wing market. The newly formed Amur HFS offers a broad range of leasing and financial solutions including: operating leases, finance leases, stub leases and sale/leaseback solutions to helicopter owners and operators around the world. Amur HFS works with its customers to develop customized fleet acquisition, management and disposition solutions for helicopters, their parts and accessories. Available services include inventory management, consignment inventory sales, airframe disassembly and Maintenance Repair and Overall (MRO) solutions.
February 26, 2014 · 21 Views
Turbomeca, a Safran company, will bring its entire proximity network to bear in supporting customers of Bell Helicopter’s new five-seat, short light single engine helicopter. In a firstever collaboration between the two corporations, the Bell 505 Jet Ranger X will be powered by Turbomeca’s latest Arrius 2R gas turbine. The Arrius 2R engine delivers performance and power within the 450-550 shaft horsepower class, while improving safety and lowering pilot workload via a Full Authority Dual-channel Engine Control (FADEC). The twin-module engine configuration will reduce fuel consumption and lower the cost of operation. The Arrius 2R offers proven reliability and a 3,000 hour Time-Between-Overhaul at service entry, as well as Turbomeca’s renowned service and support capabilities.
February 26, 2014 · 25 Views
In the fourth quarter of 2013, Embraer delivered 32 commercial and 53 executive (38 light and 15 large) jets and ended the year with total deliveries of 90 commercial and 119 executive (90 light and 29 large) aircraft. As a result of aircraft deliveries and growth in the Company’s Defense & Security segment, 4Q13 and 2013 Revenues reached US$ 2,304.0m and US$ 6,235.0m, respectively, also meeting the Company’s Revenue Guidance range of US$ 5.9 to US$ 6.4bn. EBIT and EBITDA margins were 20.1% and 23.6%, respectively, in 4Q13, and for fiscal year 2013 the EBIT and EBITDA margins were 11.4% and 16.1%, respectively, considering non-recurring items in 4Q13. As a result, the Company surpassed its EBIT and EBITDA margin Guidance for the year of 9.0% to 9.5% and 13.0% to 14.0%, respectively. Strong Operating Cash Flow of US$ 564.6m during 2013 increased the Company’s net cash position to US$ 429.3m at the end of the year. 4Q13 net income attributable to Embraer Shareholders and Earnings per ADS basic totaled US$ 264.5m and US$ 1.4513, respectively, and fiscal year 2013 net income attributable to Embraer Shareholders and Earnings per ADS basic totaled US$ 342.0m and US$ 1.8764, respectively. For 2014, Company Guidance is for expected net revenues of US$ 6.0 to US$ 6.5bn, driven by growth in the Defense & Security segment and expected deliveries of 92 to 97 jets in the Commercial Aviation segment and 25 to 30 large jets and 80 to 90 light jets in the Executive Jets segment. The Company’s backlog ended 2013 at a value of US$ 18.2bn, representing 46% growth from the US$ 12.5bn reported at the end of 2012.
February 26, 2014 · 39 Views
Avpro announced the closure of several deals during the first day of business at HAI Heli Expo in Anaheim, California. Avpro signed an agreement to purchase a new Airbus Helicopters’ EC145 T2 on behalf of an undisclosed corporate client with delivery scheduled for 2015. In addition, the company signed a remarketing agreement with Kocoglu Group, Turkey’s largest civil helicopter operator, for two pre-owned helicopters, including a Corporate Airbus Helicopters’ EC135 T2+ and an EMS Agusta A109E Power.
February 26, 2014 · 2410 Views
Milestone Aviation Group, a global leader in helicopter leasing, and Sikorsky Aircraft Corporation released that Milestone has increased its S-92 order book by eight units. Milestone is already one of the world’s largest S-92 owners and with this latest announcement, it has increased its firm and option S-92 orders to 37 aircraft valued at more than US$ 1.2bn. The forward orders are scheduled to deliver over the next five years with 15 scheduled for completed delivery in 2014 and 2015; more than half of which are already on lease or under letter of intent.
February 26, 2014 · 444 Views
Airbus has decided to increase production of its best-selling single-aisle aircraft family to 46 a month in Q2 2016, up from the current rate 42. The new higher production rate will be achieved gradually, with an intermediate step at 44 aircraft per month in Q1 2016. Over the past five years, Airbus has steadily increased A320 Family production, going from rate 36 at the end of 2010 to rate 38 in August 2011, then up to rate 40 in Q1 2012 to reach 42 per month in Q4 of the same year.
February 26, 2014 · 28 Views
Boeing delivered the first 777-300ER (Extended Range) to China Southern Airlines, Asia’s largest airline in fleet size and number of passengers carried. The new airplane is the first of 10 777-300ERs China Southern has on order with Boeing. China Southern plans to operate its first 777-300ER on its new North America route, where it will be able to directly connect passengers in the southern region of China to the eastern coast of the United States.
February 26, 2014 · 38 Views
Boeing’s P-8A Poseidon program will enter full production, following a $2.4bn contract award from the U.S. Navy for 16 additional aircraft that will bolster maritime patrol capabilities. The order, which will take the total fleet to 53, marks a transition from preliminary low-rate production. Boeing has delivered 13 P-8As to the Navy, which deployed its first patrol squadron to Kadena, Japan in December 2013 and has been conducting operational missions since then.
February 26, 2014 · 30 Views
Abu Dhabi-based Falcon Aviation Services has signed a Letter of Intent (LOI) to acquire one CS300 aircraft and an option for another. With this LOI, Falcon Aviation Services becomes the first customer for CSeries aircraft in the United Arab Emirates. Based on the list price, a firm order for two CS300 aircraft would be valued at approximately $156.5m.
February 26, 2014 · 32 Views
Rolls-Royce shared details of its next generation of engine designs, which could be ready within ten years, featuring technology innovation designed to transform performance. The company has built a technology leadership position with its Trent family of engines, the latest of which, the Trent XWB, is the world’s most efficient engine flying today. Trent engines will continue in service for decades to come with 2,500 in service and more than 2,500 on order. Rolls-Royce is continually innovating and, as part of that ongoing process, is looking to build on the success of the Trent family of engines with two new generation engine designs. The first design, Advance, will offer at least 20% better fuel burn and CO2 emissions than the first generation of Trent engine and could be ready from the end of this decade. The second, UltraFan, a geared design with a variable pitch fan system, is based on technology that could be ready for service from 2025 and will offer at least 25% improvement in fuel burn and emissions against the same baseline. Both engine designs are the result of the ongoing research and development investment, of approximately £1bn a year, which Rolls-Royce makes across its aerospace and non-aerospace businesses. The designs will feature architecture and technology improvements, all currently at an advanced stage of development, that include: a new engine core architecture – to deliver maximum fuel burn efficiency and low emissions. A CTi Fan System – carbon/titanium fan blades and a composite casing that reduce weight by up to 1,500lb per aircraft, the equivalent of carrying seven more passengers at no cost. Advanced ceramic matrix composites – heat resistant components that operate more effectively in high turbine temperatures. A geared design, called UltraFan, which will deliver efficient power for high-thrust, high-bypass ratio engines of the future.
February 27, 2014 · 37 Views
GE Aviation and Bristow Group signed the first engine service agreement for the CT7-2E1 turboshaft engine powering the new, twin-engine AgustaWestland AW189 helicopter. This agreement expands the long standing GE – Bristow partnership by adding their new AW189 helicopters to Bristow’s global fleet of Maintenance Cost Per Hour (MCPH) service agreement maintained engines.
February 27, 2014 · 32 Views
Israir Airlines, a successful provider of scheduled and chartered flights from Israel, is relying on the services of Lufthansa Technik within the framework of a Technical Operations Management (TOM) contract. The core elements of the contract are maintenance services, with a permanent establishment having been set up at Tel Aviv airport especially for this purpose. This makes Lufthansa Technik the first foreign MRO provider to receive approval for line maintenance from the Civil Aviation Authority of Israel (CAAI). The contract extends to the airline’s Airbus A320 fleet, which currently consists of two aircraft, with a third already on order. Lufthansa Technik employees are on-site to help Israir set up its own maintenance station. In addition to maintenance, the contract also includes engineering services as well as Total Component Support TCS for the repair of components and access to the extensive component pool. Furthermore, Lufthansa Technik is responsible for the supply of consumables and expendables. A fleet manager acting as an interface between the customer and Lufthansa Technik ensures a flawless operation.
February 27, 2014 · 32 Views
Turbomeca (Safran) announces the conclusion of a major support contract with ADAC Luftfahrt Technik GmbH. A new ten-year Support By the Hour (SBH) contract covers 28 Arriel 2E engines powering fourteen EC 145T2 operated by ADAC Luftrettung GmbH. ADAC Luftfahrt Technik GmbH is located near Bonn, Germany and performs airframe and engine maintenance for operators in Europe including ADAC, ANWB and Luxembourg Air Rescue.
February 27, 2014 · 36 Views
Alenia Aermacchi, a Finmeccanica company, has signed a contract with the Ministry of Defence of Poland to supply eight M-346 Master. The contract – signed after the aircraft was selected, as already announced – is worth €280m. In addition to the eight aircraft, the provision also includes logistic support, a training programme for pilots and engineers and a ground-based training system with dedicated classrooms and educational materials. After Italy, Singapore and Israel, Poland is the fourth customer to order the M-346. The Polish contract raises the number of M-346 aircraft ordered to date to 56.
February 27, 2014 · 20 Views
Republic Airways Holdings reported fourth quarter 2013 income from continuing operations of $16.5, compared to $8.8 in the prior year. Net income, which includes the results of discontinued operations at Frontier, increased 23.8% to $15.6m for the fourth quarter of 2013, compared to $12.6m in the same period in the prior year. Operating revenues for the quarter increased 5.8% to $346.5m compared to $327.4m for the fourth quarter of 2012. Full year income from continuing operations increased 54.3% to $48.3m, compared to $31.3m for the full year 2012. For the full year 2013, the loss from discontinued operations was $21.6m, compared to income of $20.0m for 2012. The decrease in income from discontinued operations, net of tax, is primarily attributable to the loss on the disposal of Frontier.
February 27, 2014 · 22 Views
The sale and leaseback agreements of two Airbus A330 aircraft owned by Finnair have been finalized. The Memorandum of Understanding (MoU) on the transactions was signed on 13 December 2013. The MoU includes also two ordered Airbus A350 aircraft, and sale and leaseback agreements for these two are expected to be concluded in H2 2015, when the first two A350s ordered by Finnair are delivered. The value of the arrangement covering all four aircraft is approximately EUR 320 million. More information on the arrangement is available in Finnair’s stock exchange release announced on 13 December 2013.
February 27, 2014 · 57 Views
NetJets, a Berkshire Hathawaycompany, reported that the London City Airport Authority has approved certification to operate its NetJets Signature Series Global aircraft to and from London City Airport. The certification will enhance NetJets service by offering its Global customers the opportunity to utilize a strategically located airport in London.
February 27, 2014 · 22 Views
Astronics Corporation released that its wholly-owned subsidiary Astronics Luminescent Systems, has been awarded a multi-year contract to provide exterior lighting for the Boeing 737 MAX. Astronics will supply a full suite of products that provide the position, navigation and anti-collision lighting functions for the aircraft. The lights will utilize light emitting diodes (LEDs) to provide an industry leading combination of increased reliability and reduced power consumption.
February 27, 2014 · 18 Views
Qantas will take action to permanently reduce costs in all parts of the Qantas Group through to FY17, including fleet and network changes, productivity improvements, consolidation of business activities, new technology and procurement savings. More than 50 aircraft will be deferred or sold and the Group’s workforce will be reduced by 5,000 full-time equivalent positions by FY17. The Qantas Group’s planned capital expenditure net of operating lease liability will be reduced to $800m in both FY15 and FY16, a total reduction of $1bn. Qantas has reached agreement on the return of its Brisbane Airport terminal lease, together with related assets, to the airport owner at a cash value of $112m. The broader structural review of the Qantas Group portfolio continues and no final decisions have been made on other assets. Qantas reported an underlying PBT loss of $252m and a statutory loss after tax of $235m for the six months ended 31 December 2013.