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Friday, 8 July 2011

Airbus Updates No.334

Airbus Loses Last DAE Orders as Gulf Lessor Cancels 45 Jets

Airbus SAS lost 45 plane orders worth $5.8 billion at list prices from Dubai Aerospace Enterprise Ltd. as the leasing company runs down its aircraft commitments.
Dubai Aerospace canceled orders for 34 single-aisle A320 jets and 11 A350 widebodies, Airbus spokesman Stefan Schaffrath said by phone after figures released by the European planemaker today showed the Gulf business to have zero contracts remaining.
State-owned DAE, set up in 2006 with the aim of becoming one of the world’s biggest aircraft lessors, ordered 100 planes from both Airbus and Boeing Co. (BA) at the 2007 Dubai air show, only to scale back the plans when its financial situation weakened during the global recession. Some 25 Airbus jets were canceled by the company last August and 30 in February, Schaffrath said.
DAE, which didn’t respond to calls seeking comment, has previously overturned orders for 15 Boeing 787 Dreamliners and 32 737s. Boeing data published today didn’t reveal any further cancellations by the leasing firm, and Marc Birtel, a spokesman for the manufacturer in Seattle, declined to comment.
Airbus, the world’s biggest planemaker, secured 777 new orders in the first half, according to its website. There were also 137 cancellations, including those at DAE, giving a net figure of 640 planes. It delivered 258 jets in the period.

Neo Boost

Some 601 orders were logged by Toulouse, France-based Airbus in June alone, the bulk of them at the Paris air show, with bookings for the re-engined A320neo leading the way.
Chicago-based Boeing said it delivered 222 aircraft in the first half, while net orders totaled 171 after 20 cancellations from Etihad Airways, Air Pacific and Gulf Air. Both planemakers are lifting output to work off record backlogs.
Dubai Aerospace posted a $10.4 million profit in 2010 versus a $21.1 million year-earlier loss as sales rose 1.8 percent to $1.6 billion, according to the annual report of DIFC Investments LLC, which has a 23.3 percent stake in the company.
DAE said on June 29 that Robert Genise, chief executive officer at its capital division, had left and that the leasing business would report to the company’s chief operating officer. DAE has aircraft assets in excess of $2 billion and clients in 14 countries, it said at the time.

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