Airbus, Boeing win billion-dollar deals
Print Edition
AIRBUS and Boeing announced billion-dollar deals at Asia’s largest airshow in Singapore yesterday, underscoring the region’s role as a driver of industry growth despite greater caution among plane buyers.
Europe’s Airbus said it had won an US$1.85 billion deal for the purchase of six A350-900s by Philippine Airlines, the flag carrier of one of Asia’s fastest-growing economies.
US-based Boeing meanwhile said it had won a commitment from China’s Okay Airways to buy 12 aircraft for US$1.3 billion despite a weakening Chinese economy.
“The Chinese people are very good at saving,” Okay Airways chairman Wang Shusheng said. “It doesn’t matter if the economy has worsened, they will still travel.”
Tony Tyler, director-general of the International Air Transport Association, said ahead of the Singapore show that airlines in the region may try to push back their orders due to softer profits.
Airline savings from low fuel costs are being eroded by hedging losses and a strong dollar, Tyler said, noting that the greenback climbed 20 percent over the past 18 months.
With Asia-Pacific accounting for 40 percent of global air cargo, regional carriers have been badly hit by the global economic slowdown, worsening the impact of competition from Gulf carriers, Tyler added.
“We want to sell as many aircraft in Asia ... but we also want to settle in Asia and have industrial facilities, research and engineering centers,” Marwan Lahoud, chairman of the French aerospace industries association GIFAS, said on Tuesday.
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