Dubai Aerospace Enterprise Ltd., a state-controlled aviation leasing and services company, narrowed its full-year loss to $21.1 million, stakeholder DIFC Investments LLC said in its annual report.
That’s down from a year-earlier loss of $111.8 million, DIFC said in the report, posted today on the Nasdaq Dubai website. The state-owned company owns a 23.3 percent stake in Dubai Aerospace. Revenue declined to $1.58 billion from $1.6 billion in 2008.
The leasing company was set up in 2006 to build businesses in airport management, maintenance, leasing, services and education. In November 2008, its DAE Capital leasing unit placed orders for 200 planes worth $27.2 billion at the Dubai Air Show, including 70 of Chicago-based Boeing Co.’s 737 models and 70 A320s built by Toulouse, France-based Airbus SAS.END
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