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not to sell its Catering operations, the
expected proceeds of which had
been included in its 2005/06
forecast. The restructure of Qantas
Catering will initially provide
improvements in Earnings Before
Interest and Tax (EBIT) in excess of
$15 million per annum. Mr Dixon said
Qantas was making solid progress
FINANCIAL NEWS
AviTrader WEEKLY AVIATION HEADLINES
JUNE 26, 2006 / VOL. 52
5
towards its target of A$3 billion of
benefits through Sustainable Future
for the five years to June 2008.
Goodrich terminates agreement to
divest Turbomachinery Products
Business
Goodrich Corporation released that
the April 11, 2006 agreement to sell
its Turbomachinery Products
business to Turbo Machinery
Products, Inc., a recently formed,
privately-held company formed by
Admiralty Partners, Inc., has been
terminated. Goodrich expects to
continue to operate Turbomachinery
Products as an ongoing operation
and will update its full year 2006
outlook to include the financial
impact of this termination when it
releases second quarter 2006 results
in late July. The company's
previously disclosed full year 2006
outlook for net income per diluted
share included expected income of
approximately $0.08 per diluted
share associated with this
transaction.
FedEx net income increases 27%
in fourth quarter
FedEx Corp. reported for its fourth
quarter revenue of $8.49 billion, up
10% from $7.72 billion the previous
year, Operating income was $927
million, up 25% from $740 million a
year ago and an operating margin of
10.9%, up from 9.6% the previous
year. Fedex’s net income was $568
million, up 27% from last year's $448
million.
The Light Helicopter Turbine
Engine Company (LHTEC), a
partnership between Honeywell and
Rolls- Royce, reported that the
company has won a $140 million
contract from AgustaWestland to
supply the CTS800-4 turboshaft
engine for the British Armed Forces'
Future Lynx helicopter. The UK
Ministry of Defence (MoD) has
ordered 70 Future Lynx tactical
transport and maritime helicopters
from AgustaWestland to meet the
requirements of the British Army Air
Corps and Royal Navy.
ASTAR Air Cargo reported the
promotion of Stephen Dodd to the
dual roles of Director of Corporate
Finance and Information Technology.
Dodd previously served as Manager
of Corporate Finance and was the
division controller for the IT
department.
AirBridge Cargo (ABC) has
appointed Qantas Freight as its
general sales agent (GSA) and
interline partner in Australia. ABC is
the scheduled cargo division of
Russia’s Volga-Dnepr Group. Based
in Moscow and with offices in China,
Japan and Europe, it operates four
Boeing 747 all-cargo aircraft on
routes between Europe, Asia and
Russia. A further four B747s,
including two new 747-400ER
Freighters, will join AirBridge Cargo’s
fleet in 2007/2008. ABC already has
similar agreements with Air Canada,
Continental Airlines in the United
States and Nippon Cargo Airlines in
Japan. The GSA agreement,
effective from June 1, 2006, is
initially for a period of two years.
Qatar Airways and Korea-based
Asiana Airlines have officially signed
a strategic codeshare agreement on
the Doha – Seoul route. The heads
of both companies signed the pact
during a ceremony in the Korean
capital, Seoul. Under the new
agreement, Asiana Airlines applies
its OZ code on Qatar Airways’ flights
between Doha and Seoul.
A J Walter Aviation, reported the
opening of a new office in Thailand,
which will be serving South East
Asia, as well as the local market. The
new office complements AJW’s
existing office in Singapore,
established in 2002.
Embraer released that Pedro Ferraz
has been named Corporate
Communications Director for North
America, effective June 1.
Lockheed Martin Corporation has
signed a five-year agreement to use
Travelocity Business as its global
corporate travel management
provider. Beginning in September,
Travelocity Business will support
Lockheed Martin's global travel
program that represents more than
80,000 frequent travelers worldwide.
V. Thulasidas, Chairman &
Managing Director, Air India, has
been elected to the Board of
Governors of the International Air
Transport Association (IATA) at its
62nd Annual General Meeting held
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