Asia-Pacific Aerospace Briefs Today
February 19th 2024
Today's briefs report news from Air Lease Corporation, Alaska Airlines, GE, Hawaiian Airlines, Sabre, SIA Engineering Company, Singapore Airshow and ST Engineering. Read More »
Air Lease Corporation (ALC) booked a US$572.9 million net profit for calendar 2023, against a net loss of US$138.7 million in fiscal 2022. Revenue rose 15.9%, to US$2.7 billion, ALC said in a regulatory filing. “The commercial aircraft supply/demand backdrop remains highly favourable for our current fleet,” ALC CEO, John Plueger, said.
GE said its GE Aerospace and GE Verona businesses have received investment grade credit ratings from the global ratings agencies.
Hawaiian Airlines reports a “substantial majority” of its shareholders voted in favour of the company's proposed merger with Alaska Air Group at a recent special meeting. The final voting results are being calculated and are expected to be made public in a regulatory filing once compiled.
Sabre reported a net loss of US$541.9 million for calendar 2023 compared with a net loss of US$456.8 million in 2022. Revenue was 14.9% higher, at US$2.9 billion, Sabre said in a regulatory filing.
SIA Engineering Company (SIAEC), achieved a net profit of S$26.9 million (US$20 million) for the quarter to last December 31, more than three times the S$12.8 million net profit it achieved in the same months in 2022. Revenue improved 40.2%, to S$291.7 million, SIAEC said in a regulatory filing. “Global air travel is projected to surpass pre-COVID levels in 2024 as the Asia-Pacific makes a full recovery, which in turn is expected to drive demand for MRO services,” SIAEC said. “Headwinds from macroeconomic and geopolitical uncertainties, along with tight labour market conditions, may exacerbate inflationary pressures and supply chain issues, and impact our near-term operating margin.”
Singapore Airshow organiser, Experia, said the 2024 air show, which kicks off today, is expecting more than 50,000 trade visitors to attend the region’s largest industry show and that more than 1,000 companies from 50 countries had signed up as exhibitors or supporting participants.
ST Engineering group chief operating officer, technology and innovation, Ravinder Singh, said the company’s presence at the Singapore Airshow “exemplifies our group’s collective engineering capabilities and domain expertise, highlighting our ability to deliver comprehensive solutions that create meaningful impact”.
