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Hong Kong Aircraft Engineering Co revenue up 5.5% in 2010

9-Mar-2011 11:51 AM

Hong Kong Aircraft Engineering Co revenue up 5.5% - financial highlights for the 12 months ended 31-Dec-2010:

  • Revenue*: USD547.7 million, +5.5% year-on-year;
    • HAECO: USD380.8 million, +8%;
    • TAECO: USD151.1 million, -7%;
  • Operating profit: USD49.9 million, +2.4%;
  • Net profit: USD90.0 million, +1.9%;
  • Total assets: USD1199 million, +7.8%;
  • Total liabilities: USD366.3 million, +13.2%. [more]

* Based on the conversion rate USD1 = HKD7.78907

HAECO: “The prospects for the group in 2011 remain mixed. Assuming continued strength in the aviation industry generally, demand for HAECO’s heavy and line maintenance services in Hong Kong is expected to remain strong in 2011. HAESL is also expected to perform well. TAECO’s base maintenance operations are expected to recover modestly. The joint ventures in mainland China are expected to be adversely affected by continued start up losses and by inflation and increased competition,” Christopher Pratt, Chairman. Source: HAECO, 08-Mar-2011.