Thursday, November 10, 2011
AviTrader Daily Aviation News Alert
This is an overview of all articles linked within the selected daily newsletter.
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February 28, 2015 · 106 Views
There is no question that safety is paramount in any airline – anything akin to an accident can have a dramatic effect on an airline. You only need to look at what has happened to a carrier such as AirAsia after three major crashes in such close relative proximity involving Southeast Asian planes. After such events airlines across the globe tend to re-examine their own safety procedures and records, and after a series of what United called four “safety events and near-misses”, they have issued a warning to its pilots about what is seen as unacceptable safety standards. While on the one hand the incidents may unsettle the travelling public, the fact United are adopting such a strong stance over what were not accidents, but incidents, is reassuring.
Among these incidents was the requirements of pilots to pull a plane up rapidly to avoid it crashing into the ground, and a plane landing with fuel reserves that were lower than safety regulations allows. A United spokesman stated that: “We are open and direct with our pilots, as we are with all of our employees. The language that we used is strong, and that’s because safety is our top priority. This enables us to recognise potential issues and adjust our actions to ensure the safety of customers.” He also added that United freely participates in all voluntary US FAA safety programmes.
The last major incident involving a full-size passenger plane was back on 13th March 2014 involving a US Airways’ Airbus 320 with 154 passengers and crew on board. Its tail hit the runway and it then broke its nose gear before skidding 600m down the runway after an aborted take-off. Prior to take off the pilot had noted that the wrong runway 27R, instead of 27L, had been put into the Multifunctional Control Display (MFCD). In turn the co-pilot changed the setting, but then forgot to re-enter the take-off V-speeds or a “flex temperature” subsequent to correcting the runway details. This created a thrust shortage on take-off as the flight computer needs the V speeds to calculate take-off power required. No passengers were hurt on board, but two passengers were injured during the rapid evacuation of the plane.
February 20, 2015 · 285 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.
December 2, 2014 · 198 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 · 161 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 · 110 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 · 76 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.
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).
January 29, 2014 · 74 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 · 66 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 · 67 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 · 39 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 · 53 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.
November 8, 2011 · 17 Views
Air Transport Services Group reported sharply improved third quarter financial results after excluding non-cash impairment charges. Pre-tax losses from continuing operations were $6.7m while net losses from continuing operations totaled $4.8m. Third-quarter 2011 earnings included $27.1m in impairment charges related to reductions in business with DB Schenker that began in September, and $1.9m in unrealized losses on derivative instruments related to the company’s new credit facilities adopted in May. Excluding impairment and derivative charges, pre-tax and net earnings from continuing operations increased by 34% and 22%, respectively, versus the third quarter 2010 results. Adjusted pre-tax earnings were $22.4m excluding the impairment and derivative charges, up from $16.7m in the third quarter of 2010, principally because of increased earnings from ATSG’s freighter leasing business. Net earnings from continuing operations excluding those charges and their related tax effects were $13.9m, up from $11.4m in the third quarter of 2010. Net interest expense under the new credit agreement reached in May 2011 decreased $1.3m for the third quarter compared to a year ago. Pre-tax losses for the quarter generated an income tax benefit of $1.8m. Third-quarter EBITDA, adjusted for non-cash impairment and derivative losses, totaled $48.3m, up 10% from $44.0m in the third quarter of 2010. Revenues increased 17% to $195.5m, including customer-reimbursed costs, with increases evident from each of the company’s reported segments and other business units. Excluding reimbursements, ATSG’s revenues increased 19% to $151.4m.
November 8, 2011 · 21 Views
Comlux Aviation Services,based in Indianapolis, the exclusive jet maintenance center of Comlux, The Aviation Group reported the appointment of Tony Bailey to the Chief Executive Officer position by the Comlux Aviation Services Board of Directors.
November 8, 2011 · 21 Views
Lao Airlines, the national carrier of the Lao People’s Democratic Republic, launched a new era in its history by taking delivery of the first of two new CFM56-5B-powered Airbus A320 aircraft. The airline plans to use the new aircraft primarily on international services to Singapore, Bangkok, Hanoi, and Hong Kong.
November 8, 2011 · 19 Views
CTS Engines, a leading, independent jet engine Maintenance, Repair, and Overhaul (“MRO”) facility, announced the implementation of a $25m capital expansion program. The investment, which will be provided by parent company Neff Capital Management LLC, is expected to greatly increase both the size and scope of the company’s on-site MRO capabilities over the coming year.
The capital expansion program includes the opening of a second, 60,000 square foot facility co-located in Ft. Lauderdale, the acquisition of additional tooling and machinery, including a high-speed blade tip grinder and a vertical machine center, and the building of two high thrust engine test cells in Palm Beach County, Florida. Additional capital has been allocated for the purchase of dedicated spares to support the company’s base MRO business.
November 8, 2011
Bombardier Customer Services’ maintenance, repair and overhaul (MRO) facilities in Belfast and Dallas have been accredited with the internationally recognised quality standard AS9110 Revision A. Achieving the standard, which defines the quality system requirements at all levels of the MRO process, is an endorsement of Bombardier’s adherence to best practice in the aerospace maintenance industry. The standard’s rigorous assessment process has resulted in improved performance at its Belfast and Dallas MRO sites, across quality and operating efficiencies.
For MRO providers, Revision A raises the bar from the original AS9110 standard. The latest revision is process driven and focuses on risk assessment and mitigation, key priorities for the maintenance sector. Registrants must complete a two-stage audit process and both Bombardier’s Belfast and Dallas MRO facilities have successfully completed the first stage audits with zero non-compliance issues.
November 8, 2011 · 23 Views
Finnair traffic rose by approximately 9.1% October 2011, as the overall capacity grew by 14.8% compared with October 2010. The load factor was down 4.1 pts to 63.4% compared to the same period in 2010. Asian capacity grew by 26.9% and traffic increased by 14.1%.
November 8, 2011 · 44 Views
Republic Airways Holdings has confirmed its order with Airbus to purchase 60 A320neo (New Engine Option) and 20 A319neo aircraft. Republic had signed a letter of intent for the purchase in mid-June. The aircraft, which will be powered by CFM’s LEAP-X engines, will be flown by Republic’s Frontier Airlines subsidiary. Frontier currently operates 59 Airbus A318, A319 and A320 aircraft.
November 8, 2011 · 22 Views
The Spanish Ministry of Environment, Rural Affairs and Fisheries has extended its existing contract with Airbus Military for the maintenance of three C212 aircraft for two more years. These C212 aircraft are used by the Fisheries Inspections Department for the surveillance of Spanish territorial waters. The original contract was signed in 2000 and has already been extended on three previous occasions. The agreement covers the full and complete maintenance of these three aircraft and includes services such as repairs, parts provision, and scheduled and non-scheduled maintenance checks during the two year contract.
November 8, 2011 · 19 Views
For the month of October 2011, Copa Holdings’ system-wide passenger traffic increased 14.7%, while capacity increased 20.8%. System load factor for October 2011 was 74.0%, a 3.9 pt decline when compared to October 2010.
November 8, 2011 · 21 Views
The Company reported operating revenues of $767.9m for the quarter ended September 2011, an increase of 7.9% compared to the same period last year. The increase in revenues is primarily due to a 10.0% increase in Frontier Airlines’ unit revenues. On a GAAP basis, the Company reported net income of $9.0m for the quarter ended September 2011, compared to net income of $21.2m for the same period last year. On an ex-item basis, the Company is reporting net income of $20.4m compared to an ex-item net income of $25.9m for the three month periods ended September 2011 and 2010, respectively.
November 8, 2011 · 19 Views
SAS Group’s traffic increased by 2.6% during October and capacity increased 3.3% compared to the same period last year. The passenger load factor decreased by 0.5 pts in October to 75%. SAS Group carried 2.6 million passengers in October, up 3.9%.
November 8, 2011 · 21 Views
For the third quarter of 2011 Aircastle reported lease rental revenue of $145.9m and EBITD of $137.6m, net income of $22.7m and adjusted net income of $15.4m. The company reported adjusted net income plus depreciation and amortization of $80.2m. During the quarter Aircastle purchased four aircraft for a total acquisition cost of approximately $210m, including two new Airbus A330s from their order stream, sold two aircraft for a total pre-tax gain of $9.0m and entered into new five-year forward starting interest rate swap arrangement for Securitization No. 2 at an average fixed rate of 1.27% effective June 2012.
During the third quarter Aircastle repurchased an additional 2.6m shares of common stock at an average price of $11.37 per share for total cost of $30m, bringing the total number of common shares repurchased to 7.6m shares for a total cost of $90m during 2011.
November 9, 2011 · 7 Views
Vueling reported traffic increase of 5.9% for October 2011, while capacity increased 3.5% year over year. The company has reached a load factor of 76.8%, 1.8 points higher than last year.
November 9, 2011 · 8 Views
Caribbean Airlines took delivery in Toulouse of its first ATR 72-600 aircraft. The Port-of-Spain-based carrier, which becomes one of the very first operators of the new ‘ATR -600 series’, booked earlier this year a US$ 200 million-valued contract for the purchase of a total of 9 of these aircraft. The aircraft are configured with 68 seats and equipped with the new ATR -600s standards of comfort, including In-Flight Entertainment. With this new ATR 72-600 delivery, Caribbean Airlines will start replacing its fleet of five 50-seat Q-300s and introducing newest and most technologically advanced turboprops into its domestic routes. The airline will also add passenger capacity and develop new routes and frequencies within Trinidad and Tobago. Caribbean Airlines will also operate some of its new ATR 72-600s in the domestic route network of Air Jamaica, which was recently acquired by Trinidad and Tobago’s flag carrier.
November 9, 2011 · 10 Views
Aeroflot Russian Airlines integrated its third Sukhoi Superjet 100 aircraft (SSJ100). The aircraft performed its first scheduled flight SU713/714 on route Moscow – Nizhny Novgorod – Moscow. The Sukhoi Superjet 100 MSN 95011 was delivered to Aeroflot under contract with VEB-Leasing JSC on financial lease. The delivered aircraft is designed to carry 87 passengers in a comfortable two-class layout (12 – business class and 75 – in economy class). Aeroflot ordered 30 SSJ100 aircraft in total.
November 9, 2011 · 10 Views
Bombardier Customer Services has extended its repair capability on the inlet cowl for the Trent 700 engine to Hong Kong. Through a strategic service agreement with Hong Kong Aircraft Engineering Company Limited (HAECO), Bombardier is now offering repair capability on the Trent 700 inlet cowl in Hong Kong, in addition to its Belfast and Dallas MRO facilities. As original equipment manufacturer (OEM) of the Trent 700 inlet cowl, Bombardier has been providing a full range of maintenance support for more than 15 years in Belfast, and recently in Dallas. This Bombardier service is now available to be performed at HAECO’s component and avionics overhaul centre in Tseung Kwan O,50 km east of Hong Kong International Airport.
November 9, 2011 · 14 Views
Hong Kong Aircraft Engineering Company (“HAECO”) has entered into an ITM contract with Cathay Pacific Airways to provide Inventory Technical Management (ITM) services for the airline’s fleet of 10 new Boeing 747-8 freighters, to be delivered between 2011 and 2012. The ITM service includes inventory management, reliability management, supply chain management, technical services, and comprehensive 24/7 Aircraft-on-Ground (AOG) support, covering Boeing 747-8F peculiar components for Cathay Pacific’s Hong Kong base and its line station network.
November 9, 2011 · 8 Views
Skyworld Aviation announced that Aerodynamics (ADI) of Michigan has taken delivery of an Embraer ERJ 145 aircraft which has been placed on lease. The aircraft recently completed a long term lease with Republic Airways Holdings of the U.S., and was delivered directly to ADI on behalf of Cymus Holdings of Sweden. Serial number 145169 was originally delivered new to Skyways Sweden in 1999, and then placed on a seven year lease with Republic in 2004. The aircraft started it’s lease term with it’s new operator this week and has been re-registered as N359AD.
November 9, 2011 · 5 Views
For the third quarter ended September 30, 2011, AeroCentury reported total revenues of $6.2m compared with total revenues of $6.90m for the same period a year ago. For the nine months ended September 30, 2011, the Company reported total revenues of $17.9m compared with revenues of $24.8m for the same period a year ago. The Company reported a net loss of $243,000 for the third quarter of 2011, compared to net income of $241,000 for the third quarter of 2010 and a net loss of $2.7m for the nine months ended September 30, 2011, compared to net income of $2.7m for the same period of 2010.
November 9, 2011 · 6 Views
International Lease Finance Corporation has completed an agreement with American Airlines to purchase and leaseback 15 Boeing 737-800 Next Generation aircraft. The agreement covers certain aircraft that American had previously ordered and that have been delivered or are scheduled for delivery during 2012.
November 9, 2011 · 7 Views
Copa Holdings reported net income of US$70.3m for 3Q11, excluding special items, Copa Holdings would have reported an adjusted net income of $90.1m, a 44.3% increase over adjusted net income of US$62.5m. Operating income for 3Q11 came in at US$102.2m, a 38.2% increase over operating income of US$73.9m in 3Q10. Operating margin for the period came in at 21.4%, compared to 20.4% in 3Q10, despite a 37.9% increase in the effective price of jet fuel. Total revenues increased 31.3% to US$476.8m, outpacing a strong capacity expansion.
November 9, 2011 · 4 Views
Willis Lease Finance Corporation , a leading lessor of commercial jet engines, reported third quarter pretax profits grew 19% compared to the year ago period. Net income was $2.3m in the third quarter of 2011, compared to $3.1m in the third quarter a year ago. The current quarter’s net income was reduced by $1.3m due to the inclusion of a tax adjustment related to the accounting for the sale of engines to the recently formed JV with Mitsui. After payment of preferred dividends, net income available to common shareholders was $1.5m compared to $2.3m a year ago.
For the first nine months of 2011, net income grew 35% to $10.9m from $8.0m in the first nine months a year ago. Net income attributable to common shareholders increased 50% to $8.5m from $5.7m in the first nine months of 2010.
November 9, 2011 · 9 Views
ST Aerospace has been certified as a Part 147 Maintenance Training Organisation (MTO) by the Civil Aviation Authority of Singapore (CAAS) and European Aviation Safety Agency (EASA) to provide aircraft type training for narrow-body and wide-body aircraft. The training courses will be conducted at ST Aerospace’s dedicated technical training centre in Paya Lebar, Singapore.
November 9, 2011 · 9 Views
TIMCO Aerosystems, a unit of TIMCO Aviation Services, formally opened its new 120,000 square foot aircraft interiors manufacturing facility in Wallburg (Davidson County), North Carolina, near its Greensboro headquarters. The facility adds new capacity to TIMCO’s existing seat manufacturing operations in Pacoima, California, including assembly of its popular FeatherWeight series of seats which save airlines fuel and maintenance cost through lighter weight and fewer parts.
November 9, 2011 · 9 Views
Boeing received a $1.7bn low-rate initial production (LRIP) award from the U.S. Navy for seven additional P-8A Poseidon maritime surveillance aircraft. LRIP-II is the follow-on to an initial LRIP-I contract awarded in January to provide six Poseidon aircraft. Overall, the Navy plans to purchase 117 Boeing 737-based P-8A anti-submarine warfare, anti-surface warfare, intelligence, surveillance and reconnaissance aircraft to replace its P-3 fleet.
As part of the contract, Boeing will provide aircrew and maintenance training for the Navy beginning in 2012, in addition to logistics support, spares, support equipment and tools. The training system will include a full-motion, full-visual Operational Flight Trainer that simulates the flight crew stations, and a Weapons Tactics Trainer for the mission crew stations.