Ethiopian Airlines acquires 8 new aircrafts

November 22, 2008 (TORONTO) — Ethiopian Airlines has signed with Bombardier Aerospace the Canadian a contract to purchase eight Q400 NextGen turboprop airliners, and has taken options on four additional Q400 NextGen aircraft.

The value of the Ethiopian Airlines firm order contract is approximately $242 million US, and could increase to approximately $366 million US if the four options are exercised.

Ethiopian Airlines, the country’s flag carrier, made its first flight between Addis Ababa and Cairo via Asmara on April 8, 1946. Today, it operates a fleet of jet and turboprop aircraft to 33 African cities and a total of 20 international points in the Middle East, Asia, Europe and North America.

The Ethiopian Airlines said the selection of the new aircraft by the 360-knot speed, low operating costs and favorable environmental credentials of the Q400 NextGen aircraft said Girma Wake, the Chief Executive Officer of Ethiopian company.

Ethiopian Airlines net profits for the first nine months of 2007/08 reached $55.67 million the company announced last May. The state-owned carrier posted net profits of 129 million birr in 2006/07.

(ST)