Dubai Aerospace posts 36% drop in profit for first nine months of 2020 | Aviation – Gulf News
Dubai Aerospace Enterprise (DAE) reported a 36 per cent fall in profit for the nine months ended September 30, 2020. Net income dropped to $167.3 million (Dh614.49 million) during the period, compared to $260.5 million (Dh956.82 million), a year earlier.
Total revenue fell to $984.1 million (Dh3.6 billion) from about $1.1 billion (Dh4.4 billion) last year.
“The third quarter of 2020 was characterized by excellent new business origination, strong capitalization, robust liquidity and continuing efforts to assist our clients in this difficult operating environment,” said Firoz Tarapore, DAE’s CEO, in a statement on Wednesday.
DAE signed agreements to acquire 31 aircraft with a total value of about $1.1 billion, of which about $200 million was booked in the third quarter. The remainder will be booked in the fourth quarter and the next year.
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