Sharechat Logo

Boeing hits turbulence

By Graeme Kennedy

Friday 23rd May 2003

Text too small?
Boeing chairman and CEO Phil Condit has defended the company's disappointing 2002 result and warned there are no signs of an early improvement in the struggling aerospace industry hit by the Iraq war, Sars and a weak global economy.

The Seattle jet-builder's profit for the year fell 18% to $US2.32 billion on revenues 7% lower at $US54 billion.

The Sars outbreak was a severe blow to the industry, which had expected gradual recovery after the Iraq war, Mr Condit said.

It continued to stifle air travel and forced many airlines including Air New Zealand to cut capacity while others have deferred orders from Boeing and European rival Airbus.

"Sars is still an unknown. Obviously if it became a global epidemic it would be a big deal but right now it is a classic reaction to the unknown which is sidelining passengers."

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Heartland Market Update
Steel & Tube Fy20 Trading Update
Further Contract Win Strengthens Scott Technology’s Position In Mining Sector
China’s Assertiveness Is Becoming a Problem for Its Friends, Too
New Talisman - Chairman’s Address to AGM 2020 August 6, 2020
T&G reports its 2020 Interim Results
Gold price hits $2,000 for first time on Covid
TruScreen strengthens its market presence in central and eastern Europe
Refining NZ announces non-cash impairment
Ryman Healthcare COVID-19 update Victoria

IRG See IRG research reports