FLEET GROWTH HOLDS UP ILFC
International Lease Finance's operating income fell 5%year-on-year to $335 million in its second quarter to the end of June; the American International Group subsidiary cited lower flight equipment marketing activity and higher depreciation expense, partially offset by a 3.2% increase in rental revenue, to just under $1.3billion, as the aircraft fleet grew to 992 units, 45 more than during the second quarter of 2008.
BOEING OPTS FOR ALTEON NAME CHANGE
Boeing subsidiary Alteon will be renamed Boeing Training & Flight Services to reflect expanded training capabilities. The new name will be phased in during the coming months.
IT FIRMS VIE FOR INDIAN AIR FORCE PROJECT
An Indian air force e-maintenance project worth around Rp25 billion ($522 million) is attracting intense interest from the country's leading IT and software services outfits including Infosys Technolgies, TCS and Wipro Technologies. The project looks to develop software to handle fleet planning and maintenance, along with supply chain management, for the air force's entire fleet of fixed-wing aircraft, helicopters, radars, missiles and other hardware at 170 bases.
ELBIT POSTS STRONG SECOND QUARTER GROWTH
Israeli defence electronics specialist Elbit Systems boosted second quarter pre-tax profit by 53%to $72.8 million on revenue up 12% to $728.3 million thanks primarily to an increase in sales of communication equipment and unmanned air vehicle systems, mainly in Israel. Elbit's mid-year backlog totalled nearly $5.1 billion, about two-thirds of which is for export.
PREMIUM AEROTEC GEARS UP FOR A350 WORK
Premium Aerotec, the German aerostructures subsidiary of Airbus, has begun construction of a new 25,000m² (269,000ft2) hangar in Augsburg to make A350 XWB composite components, principally rear fuselage side shells. Production is set to begin in the first quarter of 2010. The company is also building a hangar in Nordenham to make front fuselage sections.
DEFENCE SALES UNDERPIN ISRAEL AEROSPACE
The civil aviation downturn pushed second quarter sales down by a quarter to $667 million for Israel Aerospace Industries. However, military sales were up 4%and net profit rose 16%to $19 million. In the first half, IAI booked new orders worth $3 billion, taking its backlog to a record $8 billion.
VIRGIN NIGERIA GETS STAY ON BRAND DEADLINE
For logistical and other reasons Lagos-based Virgin Nigeria's deadline to rebrand has been shifted from 7 July to early October, but plans by 49%owner Virgin Atlanticto withdraw as a primary shareholder remain unchanged.
US MILITARY DRIVES COBHAM GROWTH
First-half pre-tax profit was up nearly one-third to £141.2 million ($232.4 million) on revenue up 51%to £952.1 million at Cobham, thanks to strong growth in military and government business,which accounts for 52%of group revenue in the USA alone. Andy Stevens, chief operating officer, has been chosen to succeed the retiring Allan Cook as chief executive from 1 January.
Source: Flight International