In the first nine months of 2013, MTU Aero Engines recorded a 13% rise in revenues to €2,778.1m (1-9/2012: € 2,468.0m). The company generated an operating profit of €270.5m (1-9/2012: €278.0m) with an operating margin of 9.7% (1-9/2012: 11.3%). Net income amounted to €166.3m after €173.1m in the equivalent period last year. “With the results
Delta reported that net profit for the September 2013 quarter was $1.2bn, excluding special items. This result is a $444m improvement year-over-year. Including $157m in special items, Delta’s GAAP net income was $1.4bn. The company began returning capital to shareholders, with $100m in share repurchases and $51m in dividend payments. September quarter results include $249m
Honeywell reported for the aerospace segment, that sales were down (2%) compared with the third quarter of 2012 driven by an (11%) decline in Defense & Space sales as a result of planned ramp downs and program delays, as well as supply chain constraints, partially offset by Commercial growth. Commercial OE sales were up 3%
Global Eagle Entertainment has acquired Travel Entertainment Group Equity, the UK-based parent company of IFE Services Limited (IFE Services) from GCP Capital Partners for approximately $36m in cash. IFE Services is a leading provider of in-flight entertainment services to airlines and cruise lines worldwide. The acquisition expands Global Eagle’s leadership in delivering content and software
AMR Corporation reported net profit of $530m, excluding reorganization and special items, a $420m improvement year-over-year; Revenue of $6.8bn improved 6.2% year-over-year, while consolidated unit costs, excluding fuel and special items, improved 5.0% year-over-year. AMR ended the third quarter with approximately $7.7bn in cash and short-term investments, including restricted cash, compared to a balance of
Avolon, the international aircraft leasing group, announced the closing of the US$636 million Asset Backed Securitisation (“ABS”) for Emerald Aviation Finance Limited. On September 26, 2013 Avolon announced that Emerald, a newly established special purpose company, had priced a total of US$636 million of Fixed Rate Asset Backed Notes (the “Issue”). The net proceeds of
Weststar Aviation Services reported that KKR, a leading global investment firm with more than US$83.5bn in assets under management, has invested approximately RM642m (US$200m) for a substantial minority equity stake in the Company. This will be KKR’s first investment in Malaysia. Additional terms of the transaction were not disclosed. Founded in 2003, Weststar is a
Etihad Airways confirmed its equity stake in Virgin Australia Holdings had reached 19.9%. This follows a series of on-market purchases of Virgin Australia shares over recent weeks. The Abu Dhabi-based airline now holds more than 515 million shares in its equity partner airline. At 19.9%, Etihad Airways has reached the threshold approved by Australia’s Foreign
The European Commission announced its decision to approve the acquisition of Olympic Air by Aegean Airlines. The acquisition creates the conditions for the establishment of a sustainable Greek carrier, competitive within the Region and capable of supporting a growth momentum which will benefit Greek Tourism and the local economy. Following EU approval, the acquisition of
Following Air Lease Corporation’s investment grade ratings and strengthened credit profile, the company announced that one of its banks has agreed to revise and improve the terms for approximately $170m of secured debt related to the financing of six ALC aircraft. Under the terms of the agreement, the bank has agreed to reduce the interest
