Asia-Pacific Aerospace Briefs Today
November 11th 2024
Today's briefs report news from Air Lease Corporation, Air New Zealand, Archer Corporation, IDEMIA Public Security, Japan Airlines, Pratt & Whitney, Rolls-Royce, SATS, SIA Engineering Company, SITA and Sumitomo Corporation. Read More »
Soracle Corporation, a joint venture between Japan Airlines and Sumitomo Corporation, has signed agreements with Archer Aviation to reserve the right to order up to 100 electric vertical takeoff and landing (eVTOL) aircraft for air taxi flights in Japan.
Air Lease Corporation has reported net profit fell 30.4%, to US$91.6 million, in the three months to September 30, while revenue rose 4.7% to $690.2 million. “Demand for commercial aircraft remains high. We are continuing to place aircraft at rising lease rates and also harvesting solid gains on sales from our existing fleet,” Air Lease CEO, John Plueger, said in a regulatory filing.
Construction has commenced at Air New Zealand and Pratt & Whitney's US$150 million, 14,000 sqm expansion of their joint venture MRO shop, the Christchurch Engine Centre. When completed in 2026, the expanded facility will be adding MRO capability for Pratt & Whitney geared turbofan engines to its existing work of servicing International Aero Engines AG V2500 power plants.
Rolls-Royce CEO, Tufan Erginbilgic, said in a trading update the engine maker was confident of meeting its 2024 earnings guidance given its “good performance year to date” and despite a challenging supply chain environment. The company reaffirmed its target for the full-year of an underlying operating profit ranging from US$2.7 billion to US$3 billion with guidance for free cash flow unchanged. “In civil aerospace, demand remains strong across business aviation and wide-bodies,” Rolls-Royce said.
Airport services provider, SATS, posted a 214% net profit increase for the September quarter to US$53 million and reported a 14% improvement in revenue. “SATS expects the positive momentum to continue in the current quarter as demand for travel and cargo reaches its seasonal year-end peak,” the company said in a regulatory filing.
SIA Engineering Company (SIAEC) has reported net profit rose 16% to S$68.8 million (US$52 million) in the six months to September 30 and that revenue was 12.1% higher at S$576 million. “MRO demand continues to be driven by healthy air travel demand,” the MRO said in a regulatory filing. “In addition, delays in the delivery of new aircraft have resulted in airlines keeping older airliners in operation and needing MRO support for them. At the same time, the industry continues to face pressures from supply chain constraints, rising costs, tight manpower supply and heightened geopolitical tensions.”
Air travel technology company, SITA, and digital technologies firm, IDEMIA Public Security, have agreed to work together in developing interoperable biometric and digital identity solutions.
