BOC Aviation reports first half 2019 performance

BOC Aviation has released its unaudited results for the six months ended June 30, 2019. The company has achieved a major milestone in June 2019 as its cumulative net profit after tax (NPAT) exceeded US$4 billion since inception. BOC Aviation reported NPAT of US$321 million in the first half of 2019, an increase of 8% compared with the same period last year. Revenue rose 13% to US$930 million from US$825 million, and its fleet net book value grew 6% to US$15.9 billion from December 31, 2018, as the company continued to take delivery of modern, fuel efficient aircraft. The 8% Read more

Email Post to a Friend Email Post to a Friend

Embraer reports second quarter results, reaffirms 2019 financial guidance

Embraer has delivered 26 commercial and 25 executive (19 light and 6 large) jets during 2Q19, compared to 28 commercial jets and 20 executive (15 light and 5 large) jets in 2Q18; The Company’s firm order backlog at the end of 2Q19 was US$ 16.9 billion, up from the US$ 16.0 billion reported at the end of 1Q19. Embraer achieved book-to-bills of above 1x in each of its major business units during the quarter, led by sales performance in the Executive Jets segment; EBIT and EBITDA in 2Q19 were US$ 26.6 million and US$ 67.0 million, respectively, yielding EBIT margin Read more

Email Post to a Friend Email Post to a Friend

ST Engineering posts higher revenue and profits in 2nd quarter 2019

Singapore Technologies Engineering (ST Engineering) has reported that it registered higher revenue and profits for its second quarter ended 30 June 2019 (2Q2019) compared to the same period a year ago. Quarterly revenue grew 8% y-o-y to SG$1.78 billion from SG$1.65 billion, and Profit before tax (PBT) rose 13% to SG$169.7 million from SG$150.4 million. Profit attributable to shareholders (Net Profit) was up 18% to SG$138.2 million from SG$117.5 million. Newly acquired MRAS was consolidated from April 18, as part of its Aerospace sector’s Engineering & Material Services business group. At the business sectors, revenue for the Aerospace sector was Read more

Email Post to a Friend Email Post to a Friend

TUI earnings hit hard by 737 MAX grounding

TUI ©AirTeamImages

European tourism group TUI has reported a 46% decline in underlying quarterly earnings which it predominantly puts down to the grounding of Boeing’s 737 MAX jet. 10% of the group’s fleet of planes (15 in number) are 737 MAXs, while a further eight of these planes are currently on order, but until the grounding order is lifted, no delivery date can be provided. It is anticipated problems with the 737 MAX will cost TUI in the region of €300 million for the 2019 financial year, current figures so far reflecting a loss of €144 million. TUI Chief Executive Fritz Joussen Read more

Email Post to a Friend Email Post to a Friend

Sale of India’s Jet Airways under threat as two potential investors walk away

©AirTeamImages

The sale of India’s Jet Airways has been thrown into doubt after two potential investors have backed away. Anil Agarwal, the head of Vedanta and whose family trust, Volcan, had investigated taking a stake in the failed airline has confirmed that there is no longer any interest from their side. Etihad, the Gulf carrier which has held a 24% stake in Jet Airways since 2013, has also confirmed that it has no intentions of investing further owing to the Indian carrier’s liabilities, stating that: “Etihad remained engaged in the process, but despite the endeavors of everyone involved there remained very Read more

Email Post to a Friend Email Post to a Friend

Willis Lease Finance posts quarterly pre-tax profit of US$21.8 million

Willis Lease Finance has reported pre-tax profit of US$21.8 million and total revenues of US$95.8 million in the second quarter of 2019. The Company’s second quarter 2019 pre-tax results were driven by continued revenue growth in its core leasing business and spare parts sales as well as gains associated with the active management of its portfolio. Aggregate lease rent and maintenance reserve revenues were US$71.5 million for the second quarter of 2019. Total revenue increased by 21.7% to US$95.8 million in the second quarter of 2019 compared to US$78.7 million in the same quarter of 2018. Lease rent revenue was Read more

Email Post to a Friend Email Post to a Friend

Thomas Cook in talks to secure additional £150m with creditors

Thomas Cook has released that it is in advanced discussions with its largest shareholder, Fosun Tourism Group and its affiliates (Fosun), and its core lending banks on the key commercial principles on which they would make a substantial new capital investment as part of a proposed recapitalisation of the Group. Since this announcement, Thomas Cook has made significant progress towards finalising the key transaction terms of the recapitalisation with Fosun, the Group’s core lending banks and subsequently with noteholders representing approximately 50% of the Company’s 2022 and 2023 senior notes. The discussions with noteholders include the injection of additional capital on top of the previously Read more

Email Post to a Friend Email Post to a Friend

Air Canada increases purchase price for Air Transat

Air Canada has agreed to increase the purchase price for the acquisition of all issued and outstanding shares of Transat A.T. , from CA$13 to CA$18 per share and have amended the Arrangement Agreement dated June 27, 2019 accordingly. Based on the increased consideration, the value of the all-cash transaction is approximately CA$720 million. Air Canada has also entered into a lock-up and support agreement with Transat’s largest shareholder, Letko Brosseau & Associates Inc., who beneficially owns or has control or direction over 7,277,104 Class B voting shares or approximately 19.3% of all issued and outstanding shares of Transat. Under Read more

Email Post to a Friend Email Post to a Friend

Héroux-Devtek reports strong first quarter results

Landing gear manufacturer Héroux-Devtek, has reported strong financial results for the first quarter ended June 30, 2019. Consolidated sales grew 67.2% to CA$143.4 million, up from CA$85.8 million in the same period last year. CA$44.6 million of this increase was driven by the CESA and Beaver acquisitions while the growth of Héroux-Devtek legacy sales contributed 15.2% or CA$13.1 million. Commercial sales grew 47.4% to CA$67.4 million, up from CA$45.8 million in the same period last year. The strong increase was driven by the CESA and Beaver acquisitions and growing legacy sales from the ramp-up of the Boeing 777/777x programs. Defence Read more

Email Post to a Friend Email Post to a Friend

Air Lease Corporation posts results for the second quarter 2019

Air Lease Corporation (ALC) has posted its financial results for the second quarter ended June 30, 2019. ALC took delivery of 16 aircraft from its order book and one aircraft from the secondary market during the quarter, representing approximately US$1.6 billion in aircraft investments, ending the quarter with an operating portfolio net book value of US$17.8 billion with a weighted average age of 3.7 years and a weighted average lease term remaining of 7.2 years. The company placed 97% of its order book on long-term leases for aircraft delivering through 2020 and 77% through 2021. ALC ended the quarter with Read more

Email Post to a Friend Email Post to a Friend