Ethiopian Airlines' $4.2 Bln Order Goes To Airbus,
Boeing
28 July, 2009 | By Doug Cameron
Wall Street Journal
The first 777 is set to arrive in October next year, three months after
what had been the expected delivery of the smaller 787 before the latest
delay to the project.
Boeing has said it will announce a new first-flight schedule for the 787
by the end of September.
The flag carrier also signed a memorandum of understanding to acquire
12 A350-900s from Airbus, starting in 2017. The A350, like the 787, is
an all-new aircraft that has been subject to delays and design changes,
with Airbus targeting 2013 for first deliveries.
The order is one of the largest-ever by an African airline, and comes
amid a broad slump in business for Airbus and Boeing.
Ethiopian operates an all-Boeing jet fleet of 29 aircraft and was the
regional launch customer for the 787. It has been forced to lease
alternatives and delay expansion as the 787 schedule has slipped.
The U.S. aerospace group said Ethiopian's definitive contract for the
ultra-long range 777s - valued at $1.3 billion, based on list prices - will
not affect the 787 plan, even though the aircraft had originally been
slated to arrive this September.
Some Boeing customers have used its delayed entry into service to
change or defer deals, while others are seeking penalties for its late
arrival.
Ethiopian, widely regarded as one of the best-run airlines in Africa,
plans to use the 777s on routes to Asia and North America from its high-
altitude base in Addis Ababa, citing Beijing and Washington D.C. as
potential markets for the planes.
The airline has developed a strong regional network to position Addis
Ababa as a base to feed long-haul traffic into Africa, competing with
fast-growing Middle East carriers such as Emirates Airline.
Net profit rose 9% to 515 million birr (US$41.1 million) in the six
months to Dec. 31, the latest data available, with operating revenue up
55% at 6.7 billion birr. It carried 1.5 million passengers during the
period, with freight more than doubling to 55,000 tons. In the year to
June 30, 2008 it made a net profit of 507 million birr.
-By Doug Cameron, Dow Jones Newswires; 312-750-4135; doug.
cameron@dowjones.com
Boeing
28 July, 2009 | By Doug Cameron
Wall Street Journal
- CHICAGO (Dow
Jones)--Ethiopian
Airlines announced
plans Tuesday to buy
five 777-200LR
aircraft from Boeing
Co. (BA) as part of a
$4.2 billion order split
with Airbus, but left
its order for the
delayed 787
unchanged.
The first 777 is set to arrive in October next year, three months after
what had been the expected delivery of the smaller 787 before the latest
delay to the project.
Boeing has said it will announce a new first-flight schedule for the 787
by the end of September.
The flag carrier also signed a memorandum of understanding to acquire
12 A350-900s from Airbus, starting in 2017. The A350, like the 787, is
an all-new aircraft that has been subject to delays and design changes,
with Airbus targeting 2013 for first deliveries.
The order is one of the largest-ever by an African airline, and comes
amid a broad slump in business for Airbus and Boeing.
Ethiopian operates an all-Boeing jet fleet of 29 aircraft and was the
regional launch customer for the 787. It has been forced to lease
alternatives and delay expansion as the 787 schedule has slipped.
The U.S. aerospace group said Ethiopian's definitive contract for the
ultra-long range 777s - valued at $1.3 billion, based on list prices - will
not affect the 787 plan, even though the aircraft had originally been
slated to arrive this September.
Some Boeing customers have used its delayed entry into service to
change or defer deals, while others are seeking penalties for its late
arrival.
Ethiopian, widely regarded as one of the best-run airlines in Africa,
plans to use the 777s on routes to Asia and North America from its high-
altitude base in Addis Ababa, citing Beijing and Washington D.C. as
potential markets for the planes.
The airline has developed a strong regional network to position Addis
Ababa as a base to feed long-haul traffic into Africa, competing with
fast-growing Middle East carriers such as Emirates Airline.
Net profit rose 9% to 515 million birr (US$41.1 million) in the six
months to Dec. 31, the latest data available, with operating revenue up
55% at 6.7 billion birr. It carried 1.5 million passengers during the
period, with freight more than doubling to 55,000 tons. In the year to
June 30, 2008 it made a net profit of 507 million birr.
-By Doug Cameron, Dow Jones Newswires; 312-750-4135; doug.
cameron@dowjones.com
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