Boeing has posted a net loss of more than $1.2 billion in the first quarter, underpinned by a dip in sales and charges relating to the Russian war in Ukraine.
The loss in the three months to the end of March was nearly $681 million more than the US plane maker suffered in the same period last year.
Revenue dropped 8 per cent year-on-year to almost $14bn in three-month period.
The drop was driven by “lower defence volume and charges on fixed-price defence development programmes”, partially offset by commercial services volume, the company said. The loss per share of $2.06 also “reflects $212m of pre-tax charges for impacts of the war in Ukraine”.
“You will see we still have more work to do … but I remain encouraged with our trajectory and we are on track to generate positive cash flow for 2022,” Dave Calhoun, Boeing president and chief executive, said in an employee memo on Wednesday.
Sales for Boeing’s commercial aircraft unit dropped almost 3 per cent on an annual basis to about $4.2bn in the quarter.
This unit, which delivered 95 aircraft during the quarter, witnessed a 20.6 per cent drop in operating margin that reflects “abnormal costs and period expenses, including charges for impacts of the war in Ukraine and higher research and development expense”.
Boeing has nearly completed the safe return to service of the 737 MAX and the fleet has flown more than one million flight hours since late 2020. The 737 production rate continues to increase and is expected to rise to 31 planes per month during the second quarter.
Commercial Airplanes backlog included nearly 4,200 planes valued at $291bn.
While the first quarter brought new challenges for the industry, Mr Calhoun said he was “proud of our team and the steady progress we are making towards our key commitments”.
"We increased 737 MAX production and deliveries and made important progress on the 787 by submitting our certification plan to the FAA [Federal Aviation Administration] … despite the pressures on our defence and commercial development programmes, we remain on track to generate positive cash flow for 2022,” he said.
On the 787, the company said the rework has been completed on the initial jets and it continues to work closely with the FAA on when deliveries will be resumed.
“The programme is producing at a very low rate and will continue to do so until deliveries resume, with an expected gradual return to five per month over time. The company continues to anticipate 787 abnormal costs of approximately $2bn, with most being incurred by the end of 2023,” Boeing said.
Revenue from defence, space and security decreased 24 per cent to nearly $5.5bn in the first quarter.
The Chicago-based company’s research and development spending increased by more than 26 per cent in the quarter to $633m, Boeing said.
Boeing’s global services unit’s first-quarter revenue increased to $4.3bn, up 15 per cent compared to the previous year's period. During the quarter, the unit secured a fuel-saving digital solutions contract for Etihad Airways' 787 fleet and was awarded a contract for KC-135 horizontal stabilisers from the US Air Force.
Boeing is focused on improving performance as it works through certification requirements and finishing key programmes that will lead to the emergence of new technology and products, Mr Calhoun said.
“Leading with safety and quality, we are taking the right actions to drive stability throughout our operations, deliver on our commitments to customers and position Boeing for a sustainable future," he said.
Honeymoonish
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
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Brief scores:
Toss: South Africa, chose to field
Pakistan: 177 & 294
South Africa: 431 & 43-1
Man of the Match: Faf du Plessis (South Africa)
Series: South Africa lead three-match series 2-0
Match info
Uefa Champions League Group F
Manchester City v Hoffenheim, midnight (Wednesday, UAE)
CRICKET%20WORLD%20CUP%20QUALIFIER%2C%20ZIMBABWE%20
%3Cp%3E%3Cstrong%3EUAE%20fixtures%20%20%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMonday%2C%20June%2019%20%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ESri%20Lanka%20v%20UAE%2C%20Queen%E2%80%99s%20Sports%20Club%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EWednesday%2C%20June%2021%20%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EOman%20v%20UAE%2C%20Bulawayo%20Athletic%20Club%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFriday%2C%20June%2023%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EScotland%20v%20UAE%2C%20Bulawayo%20Athletic%20Club%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ETuesday%2C%20June%2027%20%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EIreland%20v%20UAE%2C%20Bulawayo%20Athletic%20Club%3C%2Fp%3E%0A
Film: In Syria
Dir: Philippe Van Leeuw
Starring: Hiam Abbass, Diamand Bo Abboud, Mohsen Abbas and Juliette Navis
Verdict: Four stars
COMPANY%20PROFILE
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More from Neighbourhood Watch
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
COMPANY PROFILE
Name: Mamo Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua Based: Dubai, UAE Number of employees: 28 Sector: Financial services Investment: $9.5m Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
