AVIC Aircraft sees turbulence in H1

Avic Aircraft’s steep losses in the first half of the year may indicate that Beijing’s dream of Chinese planes competing with the likes of Boeing may not be realized for years, reported South China Morning Post.  The Xi’an-based company reported losses yesterday with revenue dropping 10.73% to RMB7.04 billion (US$1.15 billion). Avic blamed the poor results on the delivery schedule of its products: with a yearly target of delivering 10 aircrafts, the company only managed to deliver one Modern Ark jet in the first half.  Analysts are not optimistic that the mainland’s home-grown aircraft will be a hit.