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PHOTO FILE: The Boeing logo is visible at their headquarters in Chicago, on this April 24, 2013 archive photo. On April 27, 2016, Boeing Co announced a 9% drop in first quarter earnings, citing an after tax charge from the KC-46 tanker in flight that he is developing for the US Air Force. REUTERS / Jim Young
(Reuters) – Boeing removed 210 aircraft from its backlog to raise concerns about the credit quality of customers and depreciated its Boeing Capital financing unit on Wednesday.
The American planner did not reveal the name of the airline involved, but the move comes just days after Jet India, India, ceased operations after lenders rejected a request for emergency funding. .
The order adjustment boosted Boeing's net orders in negative territory until the end of March, with a total of fewer than 119 net orders, despite a series of large orders in Europe and Asia.
As part of the recent changes to accounting rules, Boeing eliminates orders that do not meet its criteria for recognizing products in a separate category, while maintaining contract receivables.
Boeing also said its Boeing Capital financing unit, which according to industry sources holds 75 orders for Jet, in addition to 125 direct orders from the airline, recorded a loss of $ 707 million in the first quarter to some miscellaneous items, compared to a loss of $ 326 million a year earlier.
"The change in earnings from other unallocated items and eliminations is mainly due to a write-down in customer financing, a higher deferred compensation expense and increased investment in research and development in the company", a- he declared.
A Boeing spokesman declined to comment on the identity of the airline involved in reducing or degrading the order.
(This story corrects the day to Wednesday of Thursday)
Report by Tim Hepher; Edited by Matthias Blamont / Sudip Kar-Gupta
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