ILFC CHARGES TO LOSS ON AIRCRAFT SALES
International Lease Finance posted a $403 million negative swing to a first quarter pre-tax loss of more than $98.6 million as a $435.3 million charge against its recently agreed $2 billion, 53-aircraft sale to Macquarie Group and another deal wiped out a 5% rise to $1.32 billion in rental revenue. ILFC's total cost in flight equipment marketing for the first quarter this year was thus $436.2 million, compared with $6.1 million a year ago. Aggregate net book value of the 53 aircraft in the Macquarie deal stands at $1.9 billion.
CIVIL BUSINESS DRAGS DOWN CAE
Canadian simulators and training services provide CAE saw earnings before interest and taxes dip by a quarter to C$230 million ($220 million) as revenue fell 8% to C$1.53 billion in its full year to 31 March. Military training and simulator sales and profits were up, but on the civil side simulator sales dropped 40% to C$284.1 million and operating profit nearly halved, to C$49.4 million. Chief executive Marc Parent says: "In view of the profound downturn in civil aviation, CAE performed well."
CANCELLED DREAMLINERS ARE PEGASUS LEGACY
Leasing company AWAS is the customer that cancelled six Boeing 787s, Flightglobal's Commercial Aviation Online has learned. Boeing gave notice of the cancellation in its weekly order update on 13 May, but did not identify the customer. Six Rolls-Royce Trent-powered 787s have been on AWAS's books as a result of a legacy order originally placed by Pegasus Aviation Finance in 2006. AWAS took over the order when it acquired Pegasus in 2007 but the six aircraft are the only 787s listed in its portfolio.
US ATA ATTACKS PROPOSED UK FLIGHT DUTY
US airlines have expressed strong opposition to a new per-aircraft departure fee being considered in the UK to force carriers to use more fuel-efficient aircraft and operate more efficiently. Calling the proposed tax "unjustified", the Air Transport Association says: "Once again, airlines, their customers and the communities that they serve are at the mercy of political forces beyond their control. Airlines are already incentivised to operate as efficiently as possible by higher fuel prices and inefficient air traffic control systems."
BOEING TO SIGN 40-YEAR LEASE ON RENTON AIRPORT
Boeing is taking a 40-year lease on Seattle area airport Renton Municipal, home to its 737 final assembly line.
NORTHSTAR DIPS TO LOSS
Aircraft parts maker Northstar Aerospace posted a 16% rise in first quarter revenue to $52.6 million, but dipped to a $500,000 loss on continuing operations - compared with a $5.2 million profit a year ago - owing to restructuring costs, settlement of an environmental claim and 2009's non-recurring income from sales of inventory and an investment in Vector Aerospace. Defence revenue was up more than one-third to $45.3 million, but commercial sales dipped 30% to $10.3 million, primarily due to timing of revenue.
FIRST AVIATION PROFITS IN SHORT YEAR
Supply chain provider First Aviation Services made a $589 million operating profit in the 11 months to the end of December on revenue of $100.3 million. This compares with a loss of $1.2 million on sales of $114.2 million for the year to 31 January 2009. First Aviation has moved its financial year-end to 31 December.
Source: Flight International
