Dubai Aerospace Enterprise Ltd., the aviation-services and leasing company that in March canceled an order for 42 planes from Airbus SAS, earned a $10.4 million profit in 2010 compared with a $21.1 million loss a year earlier.
Revenue rose 1.8 percent to $1.6 billion, according to the annual report of a shareholder, DIFC Investments LLC, posted on Nasdaq Dubai today. DIFC Investments owns 23.3 percent of DAE.
Dubai Aerospace, set up in 2006 with the aim of becoming one of the world’s biggest airplane lessors, ordered 100 aircraft each from Airbus and Boeing Co. in 2007, only to scale back expansion after its financial situation weakened during the recession in 2008 and 2009.
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