Israeli defence and aerospace firm IAI saw revenues at its MRO arm fall by 50% in Q2 as COVID 19 bite hard into the firm’s aviation business.
IAI’s H1 financial results for 2020 included the firm’s highest ever profit for this period, however, this positive news was all linked to the firm’s defence business, whose strong performance saw firm reports overall sales up 4%.
Performance in the MRO side of the business has been far weaker, IAI reported that Q1 activity was 30% down year-on-year compared with 2019, a number which increased to 50% in Q2.
Passenger to cargo conversions numbers have been strong for 2020 but IAI’s only referred to a previously announced deal to convert an additional three B767-300 passenger aircraft for DHL’s German arm.
