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Tuesday, July 27th, 2021

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Air Canada reports second-quarter net loss of CA$1.165 billion

Air Canada has released its operational results for the second quarter of 2021. The carrier recorded a net loss of CA$1.165 billion in the second quarter of 2021 compared to a net loss of CA$1.752 billion for the same quarter in 2020. In the second quarter of 2021, on a year-over-year capacity increase of 78%, operating expenses of CA$1.970 billion decreased CA$112 million or five% compared to the same quarter in 2020. Net cash flows for operating activities of CA$1.377 billion deteriorated by CA$126 million from the same quarter in 2020 resulting from a decrease in cash from working capital, mainly attributable to ticket refunds of CA$997 million, which was partially offset by an improvement in advance ticket sales.

Net cash burn of CA$745 million, or approximately CA$8 million per day was an improvement on management's expectation of CA$13-CA$15 million per day. EBITDA in the second quarter was better than expected as a result of continued very strong cost control and rapid adjustments of capacity to market demand. The EBITDA variance accounted for CA$2 million per day of the favorable variance in net cash burn.  Working capital contributed CA$2 million daily to the favorable variance and resulted predominantly from stronger advance ticket sales than forecast and to the ongoing strong management of trade receivables and other working capital items. Capital expenditures were also lower than forecast in the quarter, partly due to the strengthening Canadian dollar.

"The COVID-19 pandemic continued to weigh on Air Canada and the Canadian airline industry in the second quarter, with its impact on travel reflected in our results,” stated Michael Rousseau, President and Chief Executive Officer of Air Canada, adding that "Our cash burn in the second quarter of about CA$8 million on average per day was better than earlier projections of CA$13-CA$15 million. We attribute this to increased bookings and our continuing effective cost controls.”

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Air Lease Corporation delivers new Airbus A321neo aircraft to SKY

Air Lease Corporation has delivered one new Airbus A321neo aircraft on long-term lease to SKY (Chile). This is the first Airbus A321neo to operate in Chile. 

“ALC is pleased to deliver this new Airbus A321neo aircraft to SKY and be the first to introduce the aircraft to the airline and country of Chile,” said Matthew Stevens, Assistant Vice President of Marketing at Air Lease Corporation. “It is a privilege to work with SKY, and we believe this next generation aircraft will positively contribute to the airline’s sustainability and fleet operations.”

GKN Aerospace names David Paja new Chief Executive Officer

GKN Aerospace has confirmed that David Paja will join the business as Chief Executive Officer in August 2021. He joins GKN Aerospace from Aptiv plc, where he was President of the US$4bn+ Advanced Safety and User Experience business. Paja began his career with Valeo SA, then spent 14 years in senior leadership positions within global engineering leader Honeywell International, before moving to Aptiv plc.

He will succeed Peter Dilnot, who has been leading GKN Aerospace as Interim CEO since September 2020. Dilnot will resume his ongoing role as Chief Operating Officer Melrose Industries.

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United Aviate Academy will train new pilots using Boeing’s comprehensive suite of training solutions

United Aviate Academy has selected Boeing to provide a comprehensive suite of training tools, materials, and digital solutions to develop and provide early career training to United Airlines’ next generation of pilots. The companies commemorated the five-year training agreement with a ceremonial signing event at EAA AirVenture.

The comprehensive training package of courseware and multimedia materials spans Boeing’s portfolio of service offerings, including its Jeppesen and ForeFlight solutions, and provides United Aviate Academy with the tools to help cadets master key concepts and information needed to confidently and safely pilot aircraft.

“We are pleased to extend our long-term partnership with Boeing to help train the next generation of United pilots,” said Bryan Quigley, United’s senior vice president of flight operations. “Boeing’s unique suite of tools and materials will help provide effective training for Aviate pilots who are working to meet future air travel demands and uphold United’s high standards of safety and excellence.”

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StandardAero delivers first UH-1H tailboom to Pinal County Sheriff’s department

StandardAero has delivered the industry’s first UH-1H helicopter tailboom modified to be the lightest with the most heavy-lift strength to fly in the hottest and highest altitudes in the world. The first modification was delivered to launch customer, Pinal County, Arizona Sheriff’s Department’s helicopter fleet, earlier this month.

Upgrade modifications to the UH-1H tailboom and airframe provide a number of operational benefits including improved hover-hold tasks, yaw control, high density altitude capability, reduced torque, reduced tail rotor power requirements, and reduced fuel consumption.

The modifications are being provided in phases, from now through 2022.  Additional airframe modifications are in works to provide increased cargo hook capacity to 5,000 lbs, external cargo load capacity, and improved external gross weight limits.

The upgraded UH-1H tailboom and new 212 tail rotor and hub assemblies with 212 drive train components were completed at StandardAero’s Helicopter Airframe MRO facility. Additional airframe upgrades will be completed this September at the customer’s facility in Arizona.

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SAMAD Aerospace completes hover tests for eStarling

SAMAD Aerospace has completed hover tests for its second prototype eVTOL eStarling aircraft. Designed for intercity transport, the eStarling aircraft will combine a helicopter’s vertical ability to take off and land from almost anywhere, with the speed and range of a business jet. The aircraft has a semi-blended wing body (BWB) design and will be powered by sustainable aviation fuel (SAF).

With a cruising speed of 300 MPH and a range of 800 miles, the eStarling will transport passengers ‘helipad-helipad’ avoiding the need to travel to and from airports.

Previous testing has developed conventional take-off and landing of the prototype. Recent tethered hover tests followed by full hover tests demonstrated a very agile and stable prototype with hovering and helicopter moves.

This month’s hover tests were performed over a crane system, and they focused on the validation of the flight control system in hovering mode. The aircraft consumed 65% of the available power to take off and hover with a healthy power surplus for adverse weather conditions.
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Tamar Jorssen
Vice President Sales & Business Development
Email: tamar.jorssen@avitrader.com
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Tamar