HAECO revenue up 24.2% in 1H2011

HAECO reports (09-Aug-2011) the following financial highlights for the six months ended Jun-2011:

• Revenue: USD325.9 million, +24.2% year-on-year;
  • HAECO: USD210.2 million, +14%;
  • TAECO: USD105.8 million, +45%;
  • Others: USD9.9 million, +93%;
• Operating costs: USD283 million, +19%;
• Operating profit: USD44.2 million, +73.4%;
• Net profit: USD54.4 million, +25.7%. [more]

*Based on the conversion rate USD1 = HKD7.80653

HAECO:"The outlook for the second half of 2011 is mixed. Assuming continued growth in the aviation industry, demand for HAECO"s airframe heavy maintenance and line maintenance services in Hong Kong is expected to remain strong. Forward bookings for TAECO"s airframe heavy maintenance in the second half are weak and TAECO"s capacity utilisation is likely to fall following the opening of its sixth hangar. HAESL"s performance is expected to be adversely affected by continued delays in the supply of spare parts. The joint ventures in Mainland China are expected to continue to be adversely affected by weak demand," Chairman, Christopher Pratt. Source: Company statement, 09-Aug-2011.