Sao Jose dos Campos, Brazil, 25 March – Brazilian aircraft manufacturer Embraer and ABC Financial Leasing, a subsidiary of the Agriculture Bank of China, have signed a memorandum of understanding for financing and leasing of aircraft, the Brazilian company said in a statement Thursday.
According to the statement, the agreement aims to create new financing opportunities for the sale of Embraer aircraft in China and in other countries. The focus of the deal is the regional, executive and agricultural aviation market in China.
The deal may total US$1.5 billion over the next five years.
By signing this agreement, Embraer is extending its cooperation with financing companies in China, where it has 115 orders from customers and over 80 aircraft delivered and now in operation.
Embraer also published its results for the fourth quarter of 2010 on Thursday, in which it posted net profit of 208 million reals as compared to 164.6 million reals in the same period of 2009.
In the three months to December, 2010, Embraer delivered 92 aircraft, just one more than in the same period of 2009, but the aircraft delivered included more Embraer 190 and 195 models, which are the most expensive in the company’s portfolio of commercial jets. (macauhub)