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December 2017

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Hartenberg, a Czech investment company, will acquire a 50% stake in Avia Prime, sole owner of Linetech and Adria Airways Tehnika. The transaction will be completed after the approvals of respective competition offices. Avia founder and Chief Executive Officer Piotr Kaczor said: “The strong financial background of our partner will support our ambitious development and innovations plans. Shortly, we will start to service the new generation aircrafts such as the Airbus A320neo and A350 and Boeing 787 and 737 MAX. Currently we are increasing our capacity by building new hangars and recruiting new qualified technicians. In the next two years, in order to meet the growing demand from our clients and leasing companies, we plan to increase significantly workforce and scale of our operations.”

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SIAEC Group recorded a profit attributable to owners of the parent of $74.3 million for the half year ending 30 September 2017. The results for the same period last year included a gain from the divestment of the Group’s 10% stake in Hong Kong Aero Engine Services Limited (HAESL) to Rolls-Royce Overseas Holdings Limited (RROH) and Hong Kong Aircraft Engineering Company (HAECO). Excluding the impact of the divestment, profit for the current period of $74.3 million was $0.8 million, or 1.1% higher. After including the impact of the divestment, profit for the current period was $159.6 million, or 68.2% lower.

 

Revenue at $547.5 million was higher by $11.1 million, or 2.1%, with increase in line maintenance revenue offset in part by lower fleet management revenue. Expenditure at $509.9 million was lower by $3.6 million, or 0.7%. Staff costs were lower mainly due to the absence of the provision made for the profit-linked component of staff remuneration arising from the gain on divestment last year, offset by annual salary increments and increase in headcount at subsidiaries. Operating profit of $37.6 million was $14.7 million, or 64.2% higher. Excluding the profit-linked component of staff remuneration arising from the gain on divestment last year, operating profit was $6.6 million, or 14.9% lower.

 

Share of profits of associated and joint venture companies increased $6.1 million, or 16.1%, to $44 million, with higher contributions from most associated companies, in particular from Eagle Services Asia, as the work content of its engines shipped was higher. This was partially offset by lower contributions from Singapore Aero Engine Services.

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StandardAero and Airbus have announced that they have finalised the acquisition by StandardAero of Vector Aerospace Holding from Airbus. Vector is a global aerospace MRO company, providing support for turbine engines, components, fixed- and rotary-wing aircraft. It generated revenues of over $700 million in 2016 and employs approximately 2,200 people in 22 locations across Canada, the United States, the United Kingdom, France, Kenya, South Africa, Australia and Singapore.

 

The newly combined company, which will maintain the name of StandardAero, has more than 6,000 employees in 42 locations across five continents, with annual revenues of approximately $3 billion.

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