HAECO profit falls 40% on the back of 17% fall in revenues in 2009

Hong Kong Aircraft Engineering Co (HAECO) reports (09-Mar-2010) the following financial highlights for the 12 months ended 31-Dec-2009 (according to Hong Kong accounting standard):

• Revenue: USD521.3 million -17% year-on-year;
• Operating cost: USD476.8 million, -7.1%;
• Operating profit: USD49.0 million, -62.6%;
• Profit before tax: USD103.1 million, -45.9%;
• Net profit: USD88.7 million, -40%. [more]

*Based on the conversion rate at USD1 = HKD7.76

Hong Kong Aircraft Engineering Co: "In recent months there has been some recovery from the difficult market conditions which the Group encountered for most of 2009. This recovery is expected to continue although the speed at which it does so remains uncertain. We expect increased aircraft movements at HKIA and better utilisation of our hangars in 2010. However, start up losses at our new joint ventures in Mainland China will affect the Group's results in 2010. Overall 2010 will be another challenging year. We will endeavour to contain costs whilst continuing to deliver quality service to customers," Christopher Pratt, Chairman. Source: HAECO, 09-Mar-2010.