The aerospace division of Japan’s IHI Group saw revenues for the nine months ended 31 December 2024 triple, helped by the sale of spare parts for engines.
The Aero Engine, Space and Defense unit’s nine-month revenue was Y377 billion ($2.4 billion), up from Y130 billion a year earlier, according to the company’s’ financial statement released on 7 February.
The unit also swung to an operating profit of Y94.6 billion, compared with an operating loss of Y112 billion in the last nine months of the previous year.
The company attributed the strong showing to the growth in demand for spare parts, particularly for the Pratt & Whitney PW1100G and International Aero Engines V2500 powerplants.
Nine-month orders at the aerospace unit grew strongly, more than doubling to Y478 billion.
The company also commented on the continued problems plaguing the PW1100G programme, in which it is a partner.
“Regarding the additional inspection program for shipped PW1100G-JM engines, the IHI Group continues to work with its programme partners to enhance maintenance capacity and reduce the number of aircraft on the ground,” says IHI.
“The IHI Group is committed to its efforts to reduce the impact on its airline customers and to restore their confidence.”
IHI has workshare on engines such as the GE Aerospace CF34, GE90, GEnx and Passport 20, the V2500 and the PW1100G.
Overall, the aerospace unit contributed 32.8% of IHI Group’s overall revenues for the last nine months of 2024.
At the Japan Aerospace show in October 2024, the head of the company’s aerospace unit, Atsushi Sato, told FlightGlobal that IHI sees aerospace as a key growth area, and expects revenue to double by 2030.
