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Boeing reports 17 pc rise in Q2 09 net income at USD 998 mn

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CHICAGO (PTI): Aircraft manufacturer Boeing Wednesday reported a 17 per cent increase in net income at USD 998 million for the second quarter of 2009 from USD 852 million in the year ago period driven by growth in its defence unit.

Revenues rose one per cent to USD 17.15 billion from USD 16.96 billion in the April-June quarter of 2008.

However, the company's net income for January-June 2009 dipped 22 per cent to USD 1.6 billion as against USD 2.06 billion in the first half of 2008. Revenues grew two per cent to USD 33.65 billion in first six months of 2009 from USD 32.95 billion a year ago.

"While market and development programme execution challenges remain with us, we are doing what is necessary to emerge from the current economic environment as a stronger company," Boeing Chairman, President and Chief Executive Officer Jim McNerney said in a statement.

Boeing Integrated Defense Systems (IDS), which accounts for nearly half of Boeing's overall revenue, posted second-quarter revenues of USD 8.7 billion, up nine per cent from USD 7.9 billion. For the first half of 2009, IDS revenues increased by six per cent to USD 16.4 billion.

Boeing said it expects to issue a new schedule for its long delayed 787 jetliner in the third quarter. The test flight of the 787 has been postponed on five different occasions.

The flight was delayed last in June when Boeing said it needs to work on an area within the side-of-body joint of the jet. The 787 programme is currently assessing schedule and financial implications to reinforce the area.

"The 787 programme has identified a technical solution to the requirement of reinforcing an area within the side-of-body joint and is currently evaluating alternative ways to implement that solution," the city-based second largest commercial plane maker said.

Total 787 orders are now 850 airplanes from 56 customers.

Boeing Commercial Airplanes (BCA) second-quarter revenues decreased two per cent to USD 8.4 billion on slightly lower airplane deliveries and lower volume in services.

BCA booked 57 gross orders during the quarter, down from 187 orders a year ago, while 52 others were removed from its order book.

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