B/E IN THE RED DESPITE 'RECORD 2008'
A $300 million goodwill impairment charge pushed B/E Aerospace into the red for a 2008 that would otherwise have been a "record year" for the cabin interiors specialist. The company posted a full-year pre-tax loss of $87.8 million, compared with a $215.1 million profit last year, despite a 25.8% sales increase to $2.1 billion. Chief executive Amin Khoury anticipates a weak first quarter 2009 owing to decreased retrofit shipments, lingering impact of the Boeing strike and lower spares sales as airlines cut spending.
GOODRICH LOOKS FOR 2009 GROWTH
Aircraft parts maker Goodrich expects rising Airbus and Boeing airliner deliveries to help 2009 sales grow 1-2%. Last year the company posted a 34.8% increase in pre-tax profits to $966.6 million on sales up 10.5% to $7.06 billion.
INDUSTRY FORECAST BLEAK, SAYS BOYD
US aviation consultant Michael Boyd issued a bleak forecast for the US airline industry, saying 41 million fewer passengers will fly commercially in 2009 versus 2008, and that passenger levels may not again reach last year's levels until after 2014. "Our model assumes a return to economic stability in 2011," says Boyd.
GULF AIR PRESSED TO OUST NAF
Middle Eastern carrier Gulf Air is considering its response to a Bahraini parliamentary call for a new chief executive, to replace Björn Näf, and for increases to the proportion of Bahraini citizens occupying the carrier's most senior roles. Naf has headed Gulf Air since mid-2007 and has pushed to reverse the airline's heavy losses.
RUSSIAN FUEL SUPPLIER RUNS OUT OF GAS
Russian aviation fuel provider TOAP is set to declare bankruptcy after failing to recover financial losses inflicted by the collapsed carrier alliance AirUnion. The firm claims to be owed Rb4.9 billion ($135 million). TOAP supplies jet fuel to 120 Russian airports and the country's major carriers.
MOOG BUYS OPTICAL FIBRE SENSOR FIRM
Control systems designer and integrator Moog has bought for £11 million cash ($16.1 million) a 70% controlling share in Insensys, a supplier of optical fibre sensor technology. Moog has an option to purchase the remaining 30% within one year.
AMETEK EXPANDS REPAIR BUSINESS
Ametek Aerospace and Defence has acquired for an undisclosed sum privately held High Standard Aviation, a $31 million-sales Miami-based provider of electrical/electromechanical, hydraulic and pneumatic repair services.
OLYMPIC PRIVATISATION FAILS
Attempts by the Greek government to sell flag carrier Olympic Airlines failed after the highest bid for its flight operations division came in at just €24.5 million ($31.5 million). The division had been independently valued at €45.7 million.
CZECHS OPEN BIDDING
Just over 91% of Czech Airlines is being offered for privatisation by the Czech Republic's finance ministry. Aeroflot confirmed it is interested in a deal.
Source: Flight International
