A new problem with Boeing's popular 737 Max aircraft involving supplier Spirit has resulted in improperly drilled holes and affected output. Reuters
A new problem with Boeing's popular 737 Max aircraft involving supplier Spirit has resulted in improperly drilled holes and affected output. Reuters
A new problem with Boeing's popular 737 Max aircraft involving supplier Spirit has resulted in improperly drilled holes and affected output. Reuters
A new problem with Boeing's popular 737 Max aircraft involving supplier Spirit has resulted in improperly drilled holes and affected output. Reuters

Boeing posts $1.6bn in third-quarter loss and cuts 737 annual delivery target


Deena Kamel
  • English
  • Arabic

Boeing reported a net loss of $1.6 billion in the third quarter on the back of higher costs at its defence unit and fewer deliveries of its best-selling 737 aircraft due to supplier problems, marking its ninth consecutive money-losing quarter.

The US plane maker narrowed its losses from $3.3 billion in the same quarter last year.

Revenue in the three-month period rose 13 per cent year-on-year to $18.1 billion, Boeing said in a statement on Wednesday.

The aircraft manufacturer also reaffirmed its goal of $3 billion to $5 billion in free cash flow this year.

“We continue to progress in our recovery and despite near-term challenges, we remain on track to meet the financial goals we set for this year and for the long term,” Dave Calhoun, Boeing's president and chief executive, said.

“We are focused on driving stability in our supply chain and improving operational performance as we steadily increase production rates to meet strong demand.”

Dave Calhoun, Boeing's president and chief executive, says the company will continue to rebuild its operational and financial strength. Bloomberg
Dave Calhoun, Boeing's president and chief executive, says the company will continue to rebuild its operational and financial strength. Bloomberg

Boeing cut its 737 delivery target for this year, citing production quality problems at its biggest supplier Spirit AeroSystems, which makes fuselages for the highly sought narrow-body jets.

The defect involved Spirit Aerosystems drilling “elongated” fastener holes in the aft pressure bulkhead in a way that did not conform to specifications

Boeing now expects to deliver 375 to 400 of its 737 aircraft this year, down from a previous target of 400 to 450 jets, as a result of the repair work required.

The Arlington, Virginia-based company expects to complete the transition to producing 38 of the 737 jets per month by year-end, with plans to increase to 50 per month in the 2025-2026 time frame, it said.

“The important work we're doing to add rigour around our quality systems and build a culture of transparently bringing forward any issue, no matter the size, can bring short-term challenges – but it is how we set ourselves on the right course for our long-term future,” Mr Calhoun said.

“Leading with safety, quality and transparency, we will continue to restore our operational and financial strength.”

Boeing still expects to deliver 70 to 80 of its 787 Dreamliner this year, keeping intact its delivery target for the wide-body jet. The company is transitioning production to five 787s per month and plans to increase to 10 per month in the 2025-2026 period.

Revenue in the July-September period at Boeing's commercial aircraft unit rose 25 per cent year-on-year to $7.9 billion, driven by higher 787 deliveries.

Boeing delivered 105 aircraft during the period, down from 112 in the third quarter of 2022, it said.

It secured 398 net orders during the quarter, including 150 737 Max-10 planes for Ryanair, 50 of the 787 aircraft for United Airlines, and 39 of the 787s for Saudia.

The unit's backlog included more than 5,100 aircraft valued at $392 billion.

Boeing's defence, space and security unit's quarterly revenue rose 3 per cent year-on-year to $5.5 billion.

The unit took a $482 million loss on its Air Force One programme, driven by higher estimated manufacturing costs related to “engineering changes and labour instability, as well as resolution of supplier negotiations”, it said.

The unit also incurred $315 million in losses on a satellite contract due to estimated customer considerations and increased costs.

Our Time Has Come
Alyssa Ayres, Oxford University Press

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

MATCH INFO

RB Leipzig 2 (Klostermann 24', Schick 68')

Hertha Berlin 2 (Grujic 9', Piatek 82' pen)

Man of the match Matheus Cunha (Hertha Berlin

The biog

Profession: Senior sports presenter and producer

Marital status: Single

Favourite book: Al Nabi by Jibran Khalil Jibran

Favourite food: Italian and Lebanese food

Favourite football player: Cristiano Ronaldo

Languages: Arabic, French, English, Portuguese and some Spanish

Website: www.liliane-tannoury.com

RESULTS

Bantamweight: Jalal Al Daaja (JOR) beat Hamza Bougamza (MAR)

Catchweight 67kg: Mohamed El Mesbahi (MAR) beat Fouad Mesdari (ALG)

Lightweight: Abdullah Mohammed Ali (UAE) beat Abdelhak Amhidra (MAR)

Catchweight 73kg: Mosatafa Ibrahim Radi (PAL) beat Yazid Chouchane (ALG)

Middleweight: Yousri Belgaroui (TUN) beat Badreddine Diani (MAR)

Catchweight 78KG: Rashed Dawood (UAE) beat Adnan Bushashy (ALG)

Middleweight: Sallah-Eddine Dekhissi (MAR) beat Abdel Enam (EGY)

Catchweight 65kg: Yanis Ghemmouri (ALG) beat Rachid Hazoume (MAR)

Lightweight: Mohammed Yahya (UAE) beat Azouz Anwar (EGY)

Catchweight 79kg: Souhil Tahiri (ALG) beat Omar Hussein (PAL)

Middleweight: Tarek Suleiman (SYR) beat Laid Zerhouni (ALG)

SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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ESSENTIALS

The flights

Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.

The hotels

Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.

The tours

A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages. 

THE SIXTH SENSE

Starring: Bruce Willis, Toni Collette, Hayley Joel Osment

Director: M. Night Shyamalan

Rating: 5/5

While you're here
SCORES IN BRIEF

New Zealand 153 and 56 for 1 in 22.4 overs at close
Pakistan 227
(Babar 62, Asad 43, Boult 4-54, De Grandhomme 2-30, Patel 2-64)

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
The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Other acts on the Jazz Garden bill

Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The%20Kitchen
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Updated: October 25, 2023, 3:39 PM`