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LATEST NEWS
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Thursday, July 9th, 2020
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Air Asia’s future is in “significant doubt” according to Ernst & Young auditors. Asia’s largest low-cost carrier has been hit hard by the massive drop in air travel as a consequence of the COVID-19 pandemic and strict travel restrictions.
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In a statement issued to the Kuala Lumpur stock exchange by Ernst & Young, the carrier’s substantial level of debt was highlighted, with current liabilities exceeding current assets by 1.84bn ringgit (US$430m). Shares in the Malaysia-based carrier fell 17% on Wednesday, a day after trading was halted.
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With so many planes currently grounded by the pandemic, the current financial performance indicates the “existence of material uncertainties that may cast significant doubt on the Group's and the Company's ability to continue as a going concern," Ernst & Young said in its unqualified audit opinion statement.
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Having commenced flight suspensions in March, Air Asia reported its largest ever quarterly loss at 803.8m ringgit. "This is by far the biggest challenge we have faced since we began in 2001,” the airline’s founder and chief executive Tony Fernandes said in a statement. “Every crisis is an obstacle to overcome, and we have restructured the group into a leaner and tighter ship," adding that: "We are positive in the strides we have made in bringing cash expenses down by at least 50% this year, and this will make us even stronger as the leading low-cost carrier in the region.”
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In addition to looking at alternative ways of raising capital and applying for bank loans, the Asian low-cost carrier is considering joint ventures and collaborations with other airlines.
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MRO service provider SR Technics, has announced that table inspections at its engine shop in Zurich are now also offered remotely. The new service, which relies on a video streaming portal, can be selected for any engine type or shop visit.
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Remote Table Inspections (RTIs) at SR Technics help to minimize waiting times, significantly reduce travel costs and process time and eliminate bottlenecks. In addition, the flow of engine materials is
not affected by an RTI, since items do not need to be blocked as with a physical table inspection. Besides optimizing material flow and streamlining the inspection process, all results are documented and made available to the customer in real time.
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A dedicated SR Technics Innovation team had been working on this improvement project when the coronavirus pandemic broke out in March 2020, making this virtual solution urgent. Thanks to the team’s impressive efforts, the remote inspection service went live at the end of April 2020. Now all SR Technics engine customers can follow the inspection work on their engines, parts and modules conveniently and remotely from their home base.
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Wolfgang Jani, Chief Financial Officer of Austrian Airlines, will leave the company as at the end of August. He assumed the position of CFO and Member of the Executive Board in April 2018. Jani has taken the occasion of the successful conclusion of the coronavirus financing package to retire from his position on the airline.
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In the future he will devote himself to new projects and challenges outside of the Lufthansa Group. The vacant Management Board position with responsibility for “Finance” will not be filled. Instead, CCO Andreas Otto will take on the duties previously handled by Jani effective September 1, 2020.
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Accordingly, the Executive Board will be reduced in size, and will be comprised of CEO Alexis von Hoensbroech and CCO and CFO Andreas Otto. COO Jens Ritter belongs to the extended Executive Board.
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GA Telesis has purchased one V2527-A5 engine from Air New Zealand.
The engine will be immediately inducted for disassembly and adds to the expansion of product lines within the Component Solutions Group.
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Upon completion, the used serviceable material (USM) will be repaired and made available to GA Telesis’ airline and MRO customers worldwide. This engine will bolster GAT’s USM inventory and provide new cost-saving solutions for airlines as they begin to rebuild flight networks during these demanding times.
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Brussels Airlines, Belgium’s national airline, has partnered with FLYdocs to support its end-of-lease (EOL) return services for a fleet of five Airbus A319 aircraft.
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The partnership between the subsidiary of the Lufthansa Group and FLYdocs will see FLYdocs build and audit digital records for five EOL aircraft in the Brussels Airlines fleet and facilitate its on-time return to its respective lessors.
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N3 has delivered the last Rolls-Royce Trent 500 engine after a regular overhaul under the current business model. As the only remaining location in the Rolls-Royce network, the joint venture company of Lufthansa Technik and Rolls-Royce will maintain its capacity for the Trent 500 for the time being and continue to offer its services. As Trent 500 volume shop N3 has a lot of experience. Between 2007 and 2020 a total of 540 Trent 500 engines have been overhauled at N3.
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The future, however, belongs to the latest and most modern engine type, the Rolls-Royce Trent XWB-84k, powering the Airbus A350. With great energy and enthusiasm the team is expanding its capacity for the overhaul and repair of the Trent XWB. By next year the XWB is expected to form the majority of the overhauled engines at N3.
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The Federal Office of Bundeswehr Equipment, Information Technology and In-Service Support (BAAINBw) and Lufthansa Technik have signed a contract regarding the equipment of two brand-new Airbus A321neoLR (Long Range) for the German Air Force. The aircraft are scheduled to arrive at Lufthansa Technik in Hamburg in August and October 2021, where they will be multifunctionally equipped for various missions.
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Lufthansa Technik's VIP & Special Mission Aircraft Services business unit will prepare the two aircraft for various types of missions such as troop transport and the MedEvac role (medical evacuation). With the appropriate installations, the aircraft can be used in 18 different interior configurations. Its passenger transport capacity ranges from 136 to 163 passengers. Furthermore, the transport of up to six intensive care patients, the transport of up to twelve slightly or moderately ill/injured patients, as well as various mixed configurations for patient transport are possible.
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Lufthansa Technik's Original Equipment Innovation business unit will supply the Patient Transport Units (PTUs) required for the MedEvac role to the German Armed Forces. The contract concluded accordingly comprises 12 units (plus two reserve units). Up to six PTUs can be fitted in each of the two A321neoLRs.
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During the second-quarter 2020, BOC Aviation had a total fleet of 571 aircraft owned, managed and on order . The average aircraft age was 3.5 years and the average remaining lease term was 8.5 years for the 334 owned aircraft fleet, weighted by net book value.
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The company had an order book of 197 aircraft in the second quarter of 2020, took delivery of 13 aircraft and signed 38 lease commitments. The customer base consisted of 91 airlines in 40 countries and regions in the owned and managed portfolios.
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BOC Aviation sold two owned aircraft in the second quarter of 2020. The managed fleet comprised of 40 aircraft, with one narrowbody aircraft off lease. Owned aircraft utilisation was 99.8%, with two narrowbody aircraft off lease.
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