Home China Headline Aircraft firm lifts earnings as traffic rises

Aircraft firm lifts earnings as traffic rises

Hong Kong Aircraft Engineering Co, the city's biggest airplane maintenance company, said net income rose 37 percent in 2006, a third straight year of growth, as increasing traffic at its home airport boosted demand. Earnings rose to HK$847 million (US$110 million), or HK$5.09 a share, from HK$618 million, or HK$3.72, a year earlier, Haeco, as the company is known, said in a Hong Kong stock exchange statement yesterday. Profit exceeded the HK$817.8 million average of three estimates compiled by Bloomberg News. Sales climbed 23 percent to HK$3.84 billion. Haeco opened a second hangar in Hong Kong last year and began work on a third, as a 6.4 percent rise in takeoffs and landings at Asia's third-busiest airport spurred demand. The company's China mainland-based aircraft-conversion unit is also expanding to tap rising demand for all-cargo planes. Trackback(0) TrackBack URI for this entry Comments (0) Subscribe to this comment's feed Show/Hide comments Write comment Show/Hide comment form Name Email Website Title Comment Write the displayed characters Add Comment Copyright 2007. All Rights Reserved.

 

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