Fri. Jun 21st, 2019

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Boeing revised backlog orders after India’s airline giant Jet Airways suspended operations

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Boeing 737 Max

Boeing removed a 210 order backlog and fined the customer impairment charges for financial losses following the collapse of India's Jet Airways.

The adjustment pushed the world's largest planemaker behind European rival Airbus in the race for business this year as both companies grappled with cancellations that outweighed new orders in the first quarter.

Boeing net orders for the first quarter slid into negative, nearly 119 orders were cancelled. While, Airbus posted a negative total of 58 orders during the same period.

Boeing's finance director Greg Smith confirmed, that the adjustment was related after the airline company halted all flight operations indefinitely on April 17 after its lenders rejected a plea for emergency funds.

Boeing also posted a first-quarter operational loss of US$ 707 million in a specific category grouping together certain unallocated items, compared with a loss of US$ 326 million a year earlier.In all, it posted a US$ 2.35 billion operating profit.

Boeing Capital was carrying 75 narrow body orders on behalf of Jet in addition to 125 that the airline ordered directly from Boeing Commercial Airplanes.

 


 Source : Various 


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