The authority has strictly forbidden people from drinking the stagnant water or cooking using it
Dubai Aerospace Enterprise (DAE) announced on Wednesday that it redeemed approximately $456 million of high coupon debt in March 2021 and is looking for early redemption of an additional $1.25 billion in August 2021.
The company said its first-half revenue dropped to $613.4 million from $675.9 million in the same 2020 period while adjusted profit before tax dropped to $67.3 million from $131.9 million year-on-year.
Operating cash flow rose to $498.5 million in H1 2021 from $432.2 million in the same 2020 period.
DAE’s unsecured debt as a percentage of total debt was at 70.8 per cent in the first half as against 62.6 per cent by year-end 2020. Available liquidity rose to $4.099 billion from $2.693 billion in year-end 2020.
The company achieved a fleet utilization rate of 99.1 per cent in the first six months compared to 98.2 per cent in the second half of 2020. DAE, whose credit outlook was revised up to ‘stable’ by Moody’s and Fitch, said it is committed to purchase 26 and sell 27 aircraft going forward.
Firoz Tarapore, chief executive officer of DAE, said the first half of 2021 reflects strong origination of new technology, fuel-efficient narrow body aircraft and a robust environment for sales of aircraft assets. “We placed a direct order with Boeing for up to 15 737-8 MAX aircraft to meet our customers’ requirements for modernizing and upgrading their fleets.”
Tarapore said recovery in passenger air traffic demand is progressing well but not evenly in all jurisdictions and for all aircraft types. “The uneven nature of vaccine deployment geographically and the emergence of virus variants remains a barrier to a predictable return to full normalcy. We remain optimistic and vigilant. Our balance sheet stays strong with high levels of capital adequacy and exceptional levels of available liquidity.”
issacjohn@khaleejtimes.com
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