European tourism group TUI has reported a 46% decline in underlying quarterly earnings which it predominantly puts down to the grounding of Boeing’s 737 MAX jet. 10% of the group’s fleet of planes (15 in number) are 737 MAXs, while a further eight of these planes are currently on order, but until the grounding order
The sale of India’s Jet Airways has been thrown into doubt after two potential investors have backed away. Anil Agarwal, the head of Vedanta and whose family trust, Volcan, had investigated taking a stake in the failed airline has confirmed that there is no longer any interest from their side. Etihad, the Gulf carrier which
Willis Lease Finance has reported pre-tax profit of US$21.8 million and total revenues of US$95.8 million in the second quarter of 2019. The Company’s second quarter 2019 pre-tax results were driven by continued revenue growth in its core leasing business and spare parts sales as well as gains associated with the active management of its
Thomas Cook has released that it is in advanced discussions with its largest shareholder, Fosun Tourism Group and its affiliates (Fosun), and its core lending banks on the key commercial principles on which they would make a substantial new capital investment as part of a proposed recapitalisation of the Group. Since this announcement, Thomas Cook
Air Canada has agreed to increase the purchase price for the acquisition of all issued and outstanding shares of Transat A.T. , from CA$13 to CA$18 per share and have amended the Arrangement Agreement dated June 27, 2019 accordingly. Based on the increased consideration, the value of the all-cash transaction is approximately CA$720 million. Air
Air Lease Corporation (ALC) has posted its financial results for the second quarter ended June 30, 2019. ALC took delivery of 16 aircraft from its order book and one aircraft from the secondary market during the quarter, representing approximately US$1.6 billion in aircraft investments, ending the quarter with an operating portfolio net book value of
AeroCentury, an independent aircraft leasing company, has reported a second quarter 2019 net loss of US$78,000, compared to a net loss of US$81,000 for the second quarter of 2018. Second quarter 2019 results reflect the combined operations of AeroCentury and its subsidiary, JetFleet Holding, which was acquired by the Company on October 1, 2018. In
Rolls-Royce has managed to reduce the engine-maker’s half-year losses but is still struggling with ongoing woes concerning its troubled Trent 1000 engine. The Group reported statutory interim pre-tax losses of £791 million against £1.2 billion a year ago. On an underlying basis, half-year profits rose 16% to £94 million for the six months to June
Dubai Aerospace Enterprise (DAE) has reported financial results for the six months ended June 30, 2019. Total Revenue was US$726.9 million compared to US$711.4 million in the first half of 2018. Profit was US$197.1 million compared to US$195.2 million in 2018 and Pre-Tax Profit Margin was 29% compared to 31% in 2018. Net Debt-to-Equity was
Dubai Aerospace Enterprise (DAE) has signed agreements to raise an additional US$490 million from 3 loan agreements. These agreements will have maturities of between 3 and 7 years. Firoz Tarapore, Chief Executive Officer of DAE commented: “We continue to bolster our liquidity cushion to support our growth ambitions and opportunities. Our very strong balance sheet
