AeroCentury reports third- quarter 2019 results

AeroCentury an independent aircraft leasing company, has reported a third quarter 2019 net loss of US$8.2 million, compared to a net loss of US$4.5 million for the third quarter of 2018.  In the first nine months of 2019, the Company reported a net loss of US$9.6 million, compared to net loss of US$4.2 million in the first nine months of 2018. Third quarter and year-to-date 2019 results reflect the combined operations of AeroCentury and its subsidiary, JetFleet Holding (JetFleet), which was acquired by the Company on October 1, 2018. EBITDA was (US$5.2) million compared to US$5.3 million in the preceding Read more

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Chorus Aviation reports third-quarter 2019 financial results

In the third-quarter, Chorus reported adjusted EBITDA of US$92.6 million, an increase of US$5.8 million or 6.7% relative to the third quarter of 2018. The Regional Aircraft Leasing segment’s adjusted EBITDA increased by US$13.2 million related to the growth in aircraft earning leasing revenue. The Regional Aviation Services segment’s adjusted EBITDA decreased US$7.4 million, partially offsetting the previously described increase. Adjusted net income was US$29.2 million for the quarter, a decrease from 2018 of US$1.6 million or 5.2%. Net income was US$24.2 million, a decrease of US$0.6 million over the 2018 period excluding the quarter-over-quarter change in net unrealized foreign Read more

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Hong Kong political unrest forces Cathay Pacific to lower profit guidance again

Cathay Pacific Airways ©AirTeamImages

Cathay Pacific Airways (Cathay Pacific), the flag carrying airline of Hong Kong has been forced, for the second time in under a month, to reduce its profit guidance owing to anti-government protests in the city which have forced schools, many businesses and transport links to shut down. The airline confirmed on Wednesday, October 13, that passenger numbers had fallen 7% for the month of October and instead of last months prediction that profit for the second half of the year would be “below” that of the first half of the year, this statement used the phrase “significantly below” the first Read more

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Leonardo to invest in solar-powered drone capable of perpetual flight with heavy payloads

Leonardo is accelerating the progress of technology and innovation in autonomous flight by investing in Skydweller Aero Inc., a US/Spanish start-up specialising in large-scale solar-powered unmanned air systems. The initiative will result in the development and deployment of the Skydweller drone, the world’s first fully electric unmanned aircraft capable of carrying large payloads with unlimited range and ultra-persistent endurance. “As the key technological investor and partner of the project, Leonardo will broaden its capabilities in new power systems, autonomous flight, innovative aerostructures, ultra-light materials and eco-friendly technologies to improve the company’s competitive advantage in the aerospace business for the next Read more

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SIA reports higher first half net profit

Singapore Airlines ©AirTeamImages

The SIA Group has achieved a net profit of SG$206 million in the first half of the financial year, SG$10 million (+5.1%) higher than last year. Revenue rose SG$418 million (+5.3%), primarily from strong growth in passenger flown revenue, partially offset by a reduction in cargo flown revenue, while higher expenditure (+$431 million or 5.8%) reflected enlarged operations. Accordingly, operating profit for the Group was SG$413 million, down SG$13 million or 3.1% compared to the same period last year. The Group recorded a reduction in share of losses from associated companies (+SG$36 million), mostly from Virgin Australia, and a higher Read more

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SAS reports strong passenger figures and improved unit revenue, revises outlook

©SAS

SAS’ outlook in the third quarter report was “that it will be challenging to reach a positive result before tax and items affecting comparability in fiscal year 2019”. As a result of strong passenger figures and an improved unit revenue, the outlook is revised as SAS’ earnings before tax and items affecting comparability is estimated to be in the range of SEK 700-800 million (US$72-82 million) for the fiscal year 2019. SAS’ total traffic capacity increased with 2.2% and the number of passengers increased with 3.6% compared to October 2018. Regularity and punctuality also showed a strong improvement with an Read more

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Héroux-Devtek posts solid fiscal 2020 second-quarter results

Héroux-Devtek, a leading international manufacturer of aerospace products, has reported strong results for the second quarter ended September 30, 2019. Consolidated sales grew 52.1% to CA$145.5 million, up from CA$95.6 million last year, including a 14.3% organic growth and a solid performance by the Corporation’s recent acquisitions, which contributed CA$36.1 million. Commercial sales grew 38.1% from CA$47.0 million to CA$64.9 million, while defense sales were up 65.7%, from CA$48.6 million to CA80.6 million. Gross profit as a percentage of sales decreased during the second quarter to 15.3%, from 16.2% last year, mainly due to the 0.6% negative net impact of Read more

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Fly Leasing reports third-quarter 2019 financial results

Fly Leasing has reported its financial results for the third quarter of 2019. The company reported net income of US$51.7 million and adjusted net income of US$59.8 million. Fly Leasing sold eight aircraft for a gain of US$38.9 million, a 17% premium-to-book value. During the quarter the company purchased two aircraft for US$53.7 million. Fly Leasing’s book value was US$25.85 per share at quarter-end, a 20% increase since December 31, 2018 and net debt-to-equity ratio of 2.6x

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Emirates Group announces half-year performance for 2019-20, with AED 1.2 billion profit

The Emirates Group has announced its half-year results for its 2019-20 financial year. Group revenue was AED 53.3 billion (US$14.5 billion) for the first six months of 2019-20, down 2% from AED 54.4 billion (US$14.8 billion) during the same period last year. This slight revenue decline was mainly due to planned capacity reductions during the 45-day Southern Runway closure at Dubai International airport (DXB) and unfavourable currency movements in Europe, Australia, South Africa, India, and Pakistan. Profitability was up 8% compared to the same period last year, with the Group reporting a 2019-20 half-year net profit of AED 1.2 billion Read more

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Lufthansa Group achieves adjusted EBIT of €1.3 billion in the third-quarter 2019

Lufthansa Group has achieved an Adjusted EBIT of €1.3 billion for the third quarter of 2019, only slightly below the EUR €1.4 billion of the prior-year period. Against the backdrop of higher fuel costs, which were €171 million above their 2018 level in the third quarter alone, the Group delivered a sound business performance for the period. Total revenues for the Lufthansa Group for the third quarter of 2019 increased by 2% to €10.2 billion (prior year: €10 billion). Third-quarter Adjusted EBIT amounted to €1.3 billion (prior year: €1.4 billion), an 8% decline on the prior year. The Adjusted EBIT Read more

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