Friday, November 11, 2011
AviTrader Daily Aviation News Alert
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March 27, 2015 · 64 Views
Having originally taken a 3% stake in Aer Lingus in May 2012 and increased that by acquiring a further 4.5% last year, Etihad Airways has announced that should the deal to sell Aer Lingus to IAG be backed by the Irish government, they would be prepared to sell off their stake in the airline. The investment in Aer Lingus by Etihad was intended to increase its international reach through local partnerships. If the proposed €1.35bn (US$1.48bn) deal goes ahead, Etihad will profit handsomely from the deal. Whether they will aim to acquire a share in IAG or restructure a code-sharing agreement with them will have to be seen, but Etihad acquired the share in Aer Lingus to increase their European strength to enable them to better compete against other Gulf airlines, as well as to help feed European passengers into Etihad’s onward network to Asia. Etihad has been able to achieve this partly with their 30% stake in airberlin, while they have also recently secured European Union approval to acquire 49% of Alitalia, yet another in a series of acquisitions made by the Abu Dhabi-based airline to expand its worldwide network. However this expansion would seem to no longer include a partnership with Malaysia Airlines, whose head is the former chief executive of Aer Lingus, Christoph Mueller. Etihad Airways’ chief executive, James Hogan, confirmed: “We have a code share with Malaysia Airlines and it is a good relationship.” Whether that relationship will change in time is yet to be seen, but any rescue plans for Malaysia Airlines involving Etihad Airways are now on hold.
February 20, 2015 · 374 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 · 233 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 · 189 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 · 123 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 · 89 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 · 126 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 · 96 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 · 101 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 · 108 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 · 49 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 · 82 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 9, 2011 · 11 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 · 20 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 · 14 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 · 15 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 · 17 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 · 12 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 · 9 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 · 10 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 · 11 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 · 8 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 · 13 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 · 13 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 · 13 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.
November 10, 2011 · 12 Views
Boeing workers began assembling the 1,000th 777. The airplane is a Boeing 777-300ER (extended range) model. It will be delivered to Dubai-based Emirates Airline in March 2012. Emirates is the largest 777 customer with 95 777s currently in its fleet; the 1,000th 777 will be its 102nd.Production began with loading of the 97-foot (29.5 meter) wing spar – the main support structure for the wing – into a giant tool that automatically drills, measures and installs more than 5,000 fasteners into the spar.
November 10, 2011 · 10 Views
Alaska Airlines inaugurated biofuel-powered passenger service this afternoon with two flights from Seattle to Washington, D.C., and Portland, Ore. Alaska and its sister carrier, Horizon Air, are operating 75 select flights between Seattle and the two cities over the next few weeks using a 20 percent blend of sustainable biofuel made from used cooking oil.
Alaska Air Group estimates the 20% certified biofuel blend it is using for the 75 flights will reduce greenhouse gas emissions by an estimated 10 percent—the equivalent of taking 26 cars off the road for a year. If the company powered all of its flights with a 20% biofuel blend for one year, the annual emissions savings would represent the equivalent of taking nearly 64,000 cars off the road or providing electricity to 28,000 homes.
November 10, 2011 · 13 Views
Crane Aerospace & Electronics has announced the 2012 release of a Supplemental Type Certificate (STC) for its SmartStem Wireless Tire Pressure System to be fitted on Dassault Falcon 20 and 50 business jets. Starting in 2012, STC retrofit kits for this equipment will be available exclusively through Dassault Falcon Jet Corp. SmartStem Tire Pressure Sensors are already certified for use on a variety of other business jets, and Crane is in the process of certifying SmartStem on additional business, regional, and large commercial aircraft.
SmartStem was developed by Crane Aerospace & Electronics to provide a fast and reliable method of checking tire pressure without gas loss. It is also designed to be easily retrofitted on existing aircraft. The technology provides numerous benefits including reduced maintenance costs, improved convenience, and automatic tracking of tire pressure checks – information which helps assure safety and extends tire life.
November 10, 2011 · 13 Views
Wizz Air announced that it would launch a new route and increase frequencies on several existing ones by adding a sixth Airbus A320 aircraft to its Bucharest Baneasa base as of June 2012. The new route to Verona (Italy) will be operated initially three times per week from 23 June 2012.
November 10, 2011 · 13 Views
Lufthansa Technik AG has developed a new method for significantly shortening the “Fitcheck”, and has filed a patent application for significant elements of it. The “Virtual Fitcheck” will revolutionize today’s normal practice, under which the various elements of the cabin installation have to be trial-fitted in the real aircraft in a time-consuming process. The new procedure, developed under a project due to run to 2013 (funded by the Federal Ministry of Education and Research (BMBF) and implemented through the excellence cluster for the aerospace region of Hamburg), is based on virtual three-dimensional modeling of the airframe, cabin and systems. Thus, most of the components can be designed and checked prior to the start of production so that they fit into the customer aircraft straightaway without a test fitting. Not only is the complete 3D model (“digital mock-up”) tested on the computer, but virtual reality is used during the Virtual Fitcheck as well. For this purpose the designers enter a 12m² glass cube known as the Cave Automatic Virtual Environment (CAVE). With the aid of special glasses and infrared cameras on the ceiling, the system creates a faithful three-dimensional reproduction of the cabin in which the technicians can move freely. As all the data generated is mapped faithfully on a 1:1 basis, any problem areas can be identified more easily and investigated more closely than on the workstation. All the data gained through CAVE flows automatically into production, so that inaccuracies or errors can be avoided even before the elements of the cabin are built in the workshops.
November 10, 2011 · 14 Views
Dublin based aircraft lessor, AWAS, delivered the second and third Boeing 737-800 passenger aircraft to Latin American low-cost airline, GOL. These aircraft are part of five deliveries from AWAS to GOL planned through early 2013. In March of this year, GOL and AWAS entered into a purchase and lease back agreement for five Boeing 737-800s that the carrier had previously ordered directly from the manufacturer.
November 10, 2011 · 11 Views
Air France-KLM reported that total revenues for the group amounted to €6.79bn in the 3rd quarter of 2011, versus €6.65bn at 30th September 2010, up 2.1%, despite a negative currency impact of 2.8%. The operating result stood at €397m (€576m a year ago). The adjusted operating result stood at €468m, implying a margin of 6.9%. Net interest costs were stable at €95m (€93m at 30th September 2010). Other financial outcome and costs stood at €-268m (€41m at 30th September 2010) including a currency result of €-125m and a decline in the fair value of hedging instruments of €145m. The net result stood at €14m (€290m at 30th September 2010). The net result restated for non-recurring and non-cash derivative items stood at €117m (€366m at 30th September 2010).
The group anticipates a negative operating result for the quarter October-December 2011 as well as for the 12 months through Dec. 31.
November 10, 2011
The JAL Group (JAL) released consolidated financial results for the period April 1 to September 30, 2011, the first half of the fiscal year ending March 31, 2012. The company has strengthened its resilience against risks in the operating environment through measures implemented in the course of its restructuring last year; namely the withdrawal of unprofitable routes, continuous review of the Group’s route network and fleet, reductions in fuel expenses and other fixed costs, as well as the introduction of a new revenue management system which collectively, increased productivity of the company. Consequently, JAL is reporting an operating profit of ¥106.1bn from ¥599.8bn in operating revenue and a net profit of ¥97.4bn for the first half of FY2011.
November 10, 2011 · 11 Views
SAS Group reported revenues of MSEK 10,616 for the third quarter of 2011 (10,776 in 2010) and income before nonrecurring items in continuing operations of MSEK 298 (384 in 2010). EBT margin before nonrecurring items in continuing operations was 2.8% (3.6% in 2010). SAS Group reported cash flow from operating activities of MSEK 232 (-470 in 2010) and income before tax of MSEK 276 (-1,027 in 2010). Net income for the period was MSEK 214 (-1,051 in 2010).
SAS Group released that while the earlier forecast for full-year 2011 stands firm, the conditions for fulfilling the forecast have deteriorated. Jet-fuel prices, additional capacity in the market, global economic developments and the uncertainty regarding Spanair result in greater challenges. Provided that no unexpected events occur, the potential remains for the SAS Group to achieve marginally positive income before tax for full-year 2011.
November 10, 2011 · 28 Views
SAS has entered into a purchase agreement with Sunrise Asset Management, an affiliate of Allegiant Air, the Las Vegas-based low cost operator, to sell 13 MD82/83/87 aircraft and an additional 12 JT8D-219 engines from SAS. Delivery of the aircraft and engines will commence immediately and is scheduled to be completed by February 2013.
This transaction is a further step in SAS’ MD80 phase-out. The aircraft type is being replaced by B737NGs and A320s prior to the delivery of the A320neo’s ordered by SAS earlier this year. Once the deliveries to Allegiant Air are completed, SAS will have sold Allegiant 45 MD80s, which is believed to be one of the largest transfers of used aircraft between two airlines ever. SkyWorks Leasing, acted as SAS’ exclusive advisor and remarketing agent.
November 10, 2011 · 11 Views
In the year ahead, the Lufthansa Group intends to give its strong presence in the capital city and the surrounding region a further boost by stationing a modern Airbus fleet there, considerably expanding its flight plan, creating several hundred new jobs in Berlin and investing more than €60m. “The opening of the new Berlin Brandenburg Airport ‘Willy Brandt’ in June next year will provide an extra impetus and new market opportunities,” commented Carsten Spohr, CEO Lufthansa German Airlines, in Berlin. “We are investing in Berlin and are determined to seize a disproportionate share of capacity growth at BER in future.”
At the moment, the Lufthansa Group and its partner airlines account for a quarter of the 21 million passengers in Berlin. To increase this share substantially, the Group is to deploy a total of 35 aircraft on routes to and from Berlin from summer next year. Lufthansa will station an Airbus fleet of 15 jets from the A320 family at BER Airport. Altogether, 23 Airbuses (A321, A320, A319) will fly Berlin routes under the Lufthansa flag. The additional capacity in Berlin means that more staff is required. Around 130 pilots and more than 200 additional flight attendants are needed solely for the Lufthansa jets stationed at the new airport, which are to be deployed in German and European point-to-point traffic.
November 10, 2011 · 14 Views
EADS reported better than expected nine-month results. In the first nine months of 2011, the order intake reached €93.9bn. EADS’ order book stood at a record level of €503bn. Revenues amounted to €32.7bn. The EBIT before one-off of around €1.1bn was mainly driven by operational improvement from Eurocopter and Airbus commercial activities as well as some favourable phasing in Airbus and in Headquarters. The reported EBIT amounted to €885m. Cash-flow generation remained strong and led to a net cash position of €11.4bn after acquisitions. Net income more than doubled to €421m (9m 2010: €198m). The improvement is driven by the net income before one-off, which increased to €565m (9m 2010: €304m) thanks to better operational earnings.