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Wednesday, August 7th, 2019
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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.
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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 have persisted since 2018 and has proved to be a major problem for Boeing, whose 787 Dreamliner jet is powered by this problematic engine. Rolls-Royce has had to make an additional £59 million charge relating to Airbus’ decision to cease production of the A380 superjumbo jet, taking the total hit on that aircraft to £245 million. However it backed its 2019 guidance for underlying operating profit and free cash flow of £700 million, plus or minus £100 million.
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Commenting on the Group’s half-year result, Chief executive Warren East said: “We delivered further progress across the group in the first half in line with our full-year expectations. We have made good progress on resolving the Trent 1000 compressor issue, though, regretfully, customer disruption remains. Progress on our restructuring programme is in line with the plan we outlined a year ago.” The group is currently in the process of a major overhaul with approximately 2,500 jobs cut from a targeted 4,600 as the Group is aiming to save £400 million by 2020. (£1.00 = US£1.21 at time of publication.)
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Norwegian carried more than 3.7 million passengers in July. The load factor was 93.5%, up half a percentage point. A total of 3,714,432 passengers chose to fly with Norwegian in July. The total traffic increased by 6% and the capacity growth was 5%.
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Honda Aircraft Company has released that the HondaJet Elite has received type certification from the Civil Aviation Administration of China (CAAC), demonstrating that the aircraft meets the safety standards set by the organization. HondaJet Elite deliveries in the region will begin this year.
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The HondaJet Elite holds type certifications around the world, including, the United States (Federal Aviation Administration), Europe (European Union Aviation Safety Agency), Mexico (Directorate General of Civil Aviation), Brazil (National Civil Aviation Agency), India (Directorate General of Civil Aviation), Japan (Japan Civil Aviation Bureau) and Canada (Transport Canada Civil Aviation).
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CDB Aviation, a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., (CDB Leasing), has delivered an Airbus A320neo aircraft to its new customer in Russia, Yekaterinburg-based Ural Airlines. The aircraft is part of the lease agreement for a fleet of three A320neos, with two further jets slated for arrival through the end of 2019. The delivery also marks the introduction of the first CFM International LEAP-1А-powered A320neo to be operated in Russia.
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The neo is expected to support the expansion plans of Ural Airlines’ fleet and will be deployed on its growing flight network, with a planned increase in operations between Moscow’s Domodedovo and Yekaterinburg’s Koltsovo international airports and destinations throughout Europe and to China.
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OneWeb, the global communications company has appointed Ben Griffin to the role of Vice President for Commercial Aviation, leading its newly formed Commercial Aviation team. In his new role, based at OneWeb's White City, London HQ, Griffin is responsible for delivering in-flight connectivity solutions, harnessing the power of Low Earth Orbit satellites with unprecedented speed and low latency, to the airline fraternity.
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Griffin brings 20 years' aviation experience to OneWeb, the last 15 of which were spent in the aircraft connectivity sector, most recently with Inmarsat for eight years. He will bring deep experience of the connected aircraft world to OneWeb.
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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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Wizz Air will begin operations at Edinburgh Airport, with the launch of four routes to popular European city break destinations. From the beginning of November Wizz Air will connect Scotland’s capital with the Polish cities of Warsaw and Gdansk, Budapest in Hungary, and Bucharest in Romania.
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Wizz Air now operates seven routes from Scotland to Eastern Europe’s most vibrant cities. This includes services between Aberdeen and Gdansk, and Glasgow to Budapest and Katowice, as well as the new Edinburgh routes.
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Jeanette Pinard has joined the Stifel Aviation business as a Managing Director. She will be responsible for transaction diligence and documentation in our growing engine ownership and leasing business, including transaction management and execution relating to the acquisition, financing and disposition of engine and aircraft portfolios.
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Pinard brings a unique combination of legal and commercial expertise, along with a strong command of the nuances of managing global aviation assets. Prior to joining Stifel, Pinard held various roles at GECAS for over 23 years, including as Associate General Counsel establishing GECAS’ China platform for aircraft before being promoted to SVP & General Counsel at GECAS Engine Leasing and later adding GECAS Materials to her responsibilities. Pinard was one of the founding executives critically instrumental in building GECAS’ engine leasing business.
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BOC Aviation has signed leases for ten new Airbus A320neo aircraft to Air China. The aircraft will be powered by Pratt & Whitney’s PurePower® PW1100G-JM engines, and are scheduled for delivery in 2019 and 2020.
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Finnair will fly the first biofuel flights backed by its “Push for change” carbon decreasing initiative this week.
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On both August 5th and 7th, the Finnair flight departing San Francisco Airport bound for Helsinki, Finland, will be flown with a biofuel mix of 12%, reducing the total C02 emissions for the two flights by approximately 32 tons.
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Finnair’s biofuels partners in San Francisco are SkyNRG and World Energy; Shell Aviation has provided logistics and supply chain support for the project. The sustainable biofuel is produced from used cooking oil in California, which does not compete with food production or the agriculture industry.
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