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Boeing: ‘No aviation upturn until 2005’
Boeing has warned that the commercial aviation industry will not recover until 2005 at the earliest.
The warning came as the group posted a net loss of $192 million in the second quarter of the year (April to June) compared with a net profit of $779 million for the same period last year – mainly due to costs incurred on its satellite business.
The company warned: “In the commercial aviation market, while there have been some encouraging signs, the downturn remains severe and continues to dampen demand across all airplane types, particularly the 757. The timing of a civil aviation industry recovery remains uncertain and is unlikely to begin before 2005.”
During the second quarter, Boeing’s deliveries of commercial aircraft fell by 34% to 74, and revenues fell 24% to $5.8 billion when compared with the same period last year.
The company, which is in danger of being overtaken in the commercial arena by European rival Airbus, also reduced its commercial deliveries forecast for next year. This was previously between 275 and 300 aircraft and has been reduced to between 275 and 290.
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