ILFC IS AIG'S LONE PROFIT CENTRE

A larger fleet and lower composite interest rates helped mega-lessor ILFC reporta 43% year-on-year increase in first-quarter profits to $316million as revenue rose10% to $1.28billion, making it the only unit of ailing insurance giant AIG to make money. AIG, now 80% owned by the US government, reported a first-quarter loss of $4.35billion. Three bidsare reportedly in to buy ILFC, thought to value the 900-aircraft lessor at less than $5 billion.

ISLE OF MAN REPOSSESSION SERVICE LAUNCHED

The Isle of Man aircraft registry and a private aviation consultancy have formed a repossession service and temporary registry to provide seizure and continuing airworthiness management for commercial aircraft that are repossessed or returned early from a lease. International Bureau of Aviation chief operating officer Phil Seymour says aircraft can be given a "secure temporary home" on the Isle of Man registry while in transition between owners.

AUSTRIAN OWNERS ACCEPT LUFTHANSA OFFER

Lufthansa's offer for Austrian Airlines has been accepted by more than 85% of the Vienna-based carrier's shareholders, including state holding company OIAG, with a 41.56% stake, and the syndicate of Austrian core shareholders that account for about7%. Austrian executive board member Peter Malanik says a deal -subject to European Commission competition approval and €500 million ($682.7 million) in restructuring aid -should close this summer. Austrian made a €77 million first-quarter operating loss.

VOUGHT DOWN WITH 747-400

The transition from the out going Boeing 747-400 to the new 747-8 model drove a 5% decline to $402.6 million in first-quarter revenue for aerostructures maker Vought. Net income was down nearly 11% to $17.9 million. Commercial revenue fell 16% to $34.4 million, but military revenue was up 6% to $8.3 million and business jet revenue rose5% to $3.3 million.

UNITED MECHANICS WOOED BY RIVAL UNION

The International Association of Machinists and Aerospace Workers has launched a campaign to lure 8,000 United Airlines mechanics away from its rival, the International Brotherhood of Teamsters. United mechanics had been with the IAM for several decades before 2003, but the Teamsters says it is not concerned by IAM's offer, claiming that since taking over mechanic representation in 2008 it has saved hundreds of jobs threatened by outsourcing.

AIRWORTHINESS FIRM TAKES STAKE IN RIVAL

UK airworthiness consultancy and safety training provider Avisa Aviation Safety Systems has acquired one-third of EASA-approved design and certification services firm aeroDAC for an undisclosed sum. Avisa managing director Justin Goatcher will become director of business development for aeroDAC.

KAMAN MARKS SOLID FIRST QUARTER

Boeing and Sikorsky aerostructures supplier Kaman posted a near-5% rise in operating profits to $15.3 million on sales up 13% to $117.1 million for the first quarter, as all four of its aerospace operating segments tuned in "solid" results. The company said results were driven by continued strong performance at its Jacksonville plant and in its helicopters segment, adding that Wichita operations had improved on last year.

Source: Flight International