UAE - Mubasher: The net profits of Dubai Aerospace Enterprise (DAE) decreased to $49 million in the first six months of 2021 from $121.7 million in the year-ago period.
The global aviation services company generated revenues of $613.4 million in the first half (H1) of 2021, down from $675.9 million in H1-20, according to a recent press release.
The adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) declined to $563.4 million in H1-21 from $615.8 million in the same period of 2020.
The CEO of DAE, Firoz Tarapore, said: "Our financial results for the first half of 2021 reflect strong origination of new technology, fuel-efficient narrow body aircraft and a robust environment for sales of aircraft assets. We placed a direct order with Boeing for up to 15 737-8 MAX aircraft to meet our customers’ requirements for modernizing and upgrading their fleets."
Meanwhile, Tarapore added: "Recovery in passenger air traffic demand is progressing well but not evenly in all jurisdictions and for all aircraft types. The uneven nature of vaccine deployment geographically and the emergence of virus variants remains a barrier to a predictable return to full normalcy."
