AeroCentury reports second quarter net loss of US$78,000

AeroCentury, an independent aircraft leasing company, has reported a second quarter 2019 net loss of US$78,000, compared to a net loss of US$81,000 for the second quarter of 2018. Second quarter 2019 results reflect the combined operations of AeroCentury and its subsidiary, JetFleet Holding, which was acquired by the Company on October 1, 2018. In the first six months of 2019, the Company reported a net loss of US$1.4 million, compared to net income of US$236,200, in the first six months of 2018. The results for the second quarter included a US$160,000 impairment provision, based on appraised value, for one Read more

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Rolls-Royce reduces losses despite ongoing Trent 1000 problems

©Rolls-Royce

Rolls-Royce has managed to reduce the engine-maker’s half-year losses but is still struggling with ongoing woes concerning its troubled Trent 1000 engine. The Group reported statutory interim pre-tax losses of £791 million against £1.2 billion a year ago. On an underlying basis, half-year profits rose 16% to £94 million for the six months to June 30, while operating profits jumped 32% to £203 million. Customer disruption was still being caused by the Trent 1000 problems which has seen the Group raise its estimated in-service costs by a further £100 million over the next three years. The Trent 1000’s technical issues Read more

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DAE reports financial results for the six months ended June 30, 2019

Dubai Aerospace Enterprise (DAE) has reported financial results for the six months ended June 30, 2019. Total Revenue was US$726.9 million compared to US$711.4 million in the first half of 2018. Profit was US$197.1 million compared to US$195.2 million in 2018 and Pre-Tax Profit Margin was 29% compared to 31% in 2018. Net Debt-to-Equity was 2.67x compare to 2.57x in 2019 and unsecured Debt as a percentage of Total Debt was 57% compared to 46% the previous year.

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DAE raises US$490 million of new liquidity

Dubai Aerospace Enterprise (DAE) has signed agreements to raise an additional US$490 million from 3 loan agreements. These agreements will have maturities of between 3 and 7 years. Firoz Tarapore, Chief Executive Officer of DAE commented: “We continue to bolster our liquidity cushion to support our growth ambitions and opportunities. Our very strong balance sheet and solid operating model continue to attract lenders, new and existing, to DAE.”

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Cargolux closes JOLCO financing arranged by DVB Bank and JP Lease

Cargolux Airlines International S.A. has closed a Japanese operating lease with call option (JOLCO) transaction for a Boeing 747-400ERF freighter aircraft. The aircraft financing was arranged by DVB Bank SE, London Branch (DVB) and JP Lease Products & Services Co., Ltd (JP Lease).  DVB Bank provided the debt while the equity was arranged and underwritten by JP Lease.

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Astronics Corporation posts second quarter US$6.7 million net income, down 52%

Astronics Corporation has reported financial results for the second quarter ended June 29, 2019. Consolidated sales were down 9.4%, or US$19.5 million, including sales of the semiconductor business which was divested in the first quarter of 2019. Excluding the divestiture, adjusted consolidated sales were up 5.4%, or US$9.7 million, demonstrating growth in both the Aerospace and Test Systems segments. Consolidated operating income decreased to US$10.6 million, or 5.6% of sales, compared with US$20.1 million, or 9.6% of sales in the prior-year period. The decline was primarily due to the divestiture of the semiconductor business. Adjusted consolidated income from operations excluding Read more

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International Consolidated Airlines Group (IAG) presents results for 2nd quarter 2019

International Consolidated Airlines Group (IAG) has presented Group consolidated results for second quarter and six months to June 30, 2019. Second quarter operating profit was €960 million before exceptional items (2018 pro forma1: €900 million, 2018 statutory: €816 million), Passenger unit revenue for the quarter was up 3.1%, non-fuel unit costs before exceptional items for the quarter was up 1.6% and fuel unit costs for the quarter was up 12.4%. Net foreign exchange operating profit impact for the quarter was favourable €8 million and operating profit before exceptional items for the half year was €1,095 million (2018 pro forma1: €1,240 Read more

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Bombardier reports second quarter 2019 results

Bombardier’s revenues for the quarter were US$4.3 billion. Adjusted EBITDA and adjusted EBIT for the quarter were US$312 million and US$206 million respectively, mainly driven by a 7.0% adjusted EBIT margin at Business Aircraft while Transportation recorded a 5.1% adjusted EBIT margin. Transportation’s lower margin reflects additional cost pressure mainly on its large, complex legacy projects. On a reported basis, EBIT of US$371 million is largely driven by the gain of US$219 million on the sale of the Q Series program. Free cash flow usage was US$429 million for the quarter and US$1.5 billion year to date, in line with Read more

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Spirit AeroSystems posts solid second quarter results

Spirit’s second quarter 2019 revenue was US$2.0 billion, up from the same period of 2018. This increase was primarily driven by higher production volumes on the Boeing 777 and 787 programs, favorable model mix on the Boeing 737 program and higher revenue recognized on the Boeing 787 program. Second quarter net income was US$168 million up from US$145 in the second quarter 2018. Spirit’s backlog at the end of the second quarter of 2019 was approximately US$46 billion, with work packages on all commercial platforms in the Boeing and Airbus backlog. Operating income for the second quarter of 2019 was Read more

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PARTER Capital Group acquires Avilés and La Coruña, Spain aluminum plants from Alcoa

Alcoa Corporation has completed a transaction with private equity investment firm PARTER Capital Group, based in Schindellegi, Switzerland, to acquire Alcoa’s Spanish subsidiaries that own and operate the Avilés and La Coruña aluminum plants in Spain. The acquisition, effective immediately, includes the casthouses at both plants and the paste plant at La Coruña, which are currently in operation, and the curtailed smelters at both plants. Under terms of the agreement, PARTER Capital Group will maintain the facilities’ entire workforce (approximately 630 employees) for a minimum of two years and has proposed reindustrialization projects for both sites and a potential restart Read more

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