DAE net income surges 110%

Following a recent restructuring, Dubai Aerospace Enterprise (DAE) recorded a 110 per cent increase in its full year 2011 net income excluding non-recurring items to $81.3 million against the previous year's net income of $38.8 million, the aerospace company said Monday in a statement. The company's net income for the full year stood at $121.7 million, up from $10.3 million in 2010. DAE Managing Director Khalifa H Al Daboos said in a statement: "Our strong equity base allows us to be a long-term competitor in our chosen markets." "After culling the swathe of Airbus and Boeing orders, DAE has clearly started to look after its smaller leasing portfolio to attract better investment returns and reshape its business," aviation analyst Saj Ahmad of StrategicAero Research told Gulf News.