Air Transport Publications
Contact
Login   |   Register
jobs Jobs
events Events
bookmarks
My bookmarks

Business
March 2019

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | 123 | All
bookmark

MTU Maintenance saw revenues rise by 23% from €2,285.3 million to €2,799.8 million in the 2018 financial year. This growth was driven by the V2500 engine and the CF34 family of regional and business jet engines.

bookmark

Revima has acquired Chromalloy’s facility in Saint-Ouen l’Aumône, near Paris, with the objective of reinforcing its component repair offering. The facility specialises in engine parts repairs and special coatings. Revima aims to serve both Chromalloy France’s legacy market, which supports several main engine platforms, and extending its AvePU component repair capabilities for various APU platforms already supported by Revima, as well as other main engine development opportunities. Chromalloy France will adopt the brand Revima and its services will be marketed under the commercial brand name Revima Engine Parts Repair.

bookmark

Revima has acquired FlightWatching, a Toulouse based start-up specialising in digital analytics, visualisation and predictive maintenance software and solutions for airlines, MROs and OEMs, with the objective to reinforce its fleet management service offering.

 

Since 2013, FlightWatching has developed a software named Wilco, taking advantage of web-based tools, advanced graphic interfaces, big data analytics and its patented aircraft remote diagnosis procedure. Revima aims to offer its customers, through this acquisition, significantly enhanced data analytics to accurately predict impending failures and deteriorated performance of components, making it possible to take preventive actions prior to aircraft/system operational defects.

bookmark

SIA Engineering Company (SIAEC) has entered into an agreement with Jamco Corporation (JAMCO) for the sale of SIAEC’s 20% stake in Jamco Singapore (JS) to JAMCO. JS was a joint venture between SIAEC (20%), JAMCO (75%) and Itochu Corporation (5%). It is based in Singapore and is in the business of manufacturing aircraft galleys, seats and cabin parts.

 

The consideration for the sale of SIAEC’s 20% stake in JS to JAMCO is S$3.97 million in cash. This was arrived at after arm’s length negotiations on a willing-buyer, willing-seller basis, and after taking into account, inter alia, the net asset value and financial performance of JS. Based on JS’ audited financial statements for the financial year ended 31 March 2018, the net asset value of the JS shares disposed of by SIAEC is S$2.77 million. Completion of the sale has taken place and JS has ceased to be an associated company of SIAEC.


At the same time, SIAEC entered into an agreement with JAMCO to acquire JAMCO’s 20% stake in Singapore Jamco Services (SJS). SJS was owned 80% by SIAEC and 20% by JAMCO. It is based in Singapore and is in the business of providing aircraft and cabin maintenance services.


The consideration for the acquisition of JAMCO’s 20% stake in SJS is S$4.70 million in cash. This was arrived at after arm’s length negotiations on a willing-buyer, willing-seller basis, and after taking into account, inter alia, the net asset value and financial performance of SJS. Based on SJS’ audited financial statements for the financial year ended 31 March 2018, the net asset value of the SJS shares acquired by SIAEC is S$2.48 million. Completion of the acquisition has taken place and SJS is now a wholly-owned subsidiary of SIAEC.  Consequently, SJS will be renamed as Singapore Aero Support Services. The acquisition is in line with SIAEC’s strategy to focus and grow its aircraft and cabin maintenance business

bookmark

SIA Engineering Company (SIAEC) posted a profit attributable to owners of the parent of $33.1 million for the third quarter of FY2018-19, a decrease of $22.2 million or 40.1%. $20.9 million of the decrease was mainly due to one-time events from the associated and joint venture companies. 

 

Operating profit of $15.9 million was $2.9 million or 15.4% lower year-on-year. Revenue of $255.9 million was lower by $15.1 million or 5.6%, mainly from lower airframe and fleet management revenue, partially mitigated by higher line maintenance revenue. Expenditure at $240.0 million decreased at a lower rate of 4.8%, mainly due to lower material costs in line with the lower workload.

 

Share of profits of associated and joint venture companies at $19.2 million was $21.6 million or 52.9% lower year-on-year, due mainly to the impact of one-time events of $20.9 million, which included, inter alia, a revision in fee structure of an engine shop in 2018 that evened out its revenue over the year instead of a lump sum adjustment in the third quarter of the last financial year; a foreign exchange adjustment made for the functional currency change of an associated company; and a one-time tax charge booked by certain associated companies in the current quarter.

 

The Group recorded a profit attributable to owners of the parent of $111.6 million for the nine months ended 31 December 2018, a decrease of $19.0 million or 14.5%. 


Revenue at $764.9 million was lower by $53.6 million or 6.5%, primarily due to lower airframe and fleet management revenue, offset in part by higher line maintenance revenue. Expenditure decreased $33.4 million or 4.4% to $727.5 million, largely from decreases in material and subcontract costs. Operating profit decreased by $20.2 million or 35.1% to $37.4 million.

Archive by month

Headlines

Digest

Contracts

Software

Business

People