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2021-05-04 12:06:02 GMT2021-05-04 20:06:02(Beijing Time) Xinhua English
JERUSALEM, May 4 (Xinhua) The Israeli state-run company Israel Aerospace Industries (IAI) said on Tuesday that it will establish a Boeing 777 passenger-to-cargo conversion facility at Incheon International Airport, the largest airport in the Republic of Korea (ROK).
The facility will be set up due to the expected increase in demand for wide-body freighter aircraft with long-flight capacity, IAI noted.
It will be established together with the Incheon International Airport Corporation and the ROK s aircraft maintenance, repair and overhaul services company Sharp Technics K.
The facility will specialize in converting B777-300ER and B777-200LR passenger aircraft to Boeing 777-ERSF freighter. This Big Twin freighter was launched by Boeing, the IAI and Irish-American aviation giant GECAS in October 2019.
Lax management leaves public firms in deficit
Posted : 2021-05-04 15:24
Updated : 2021-05-04 16:03
State-run rail operator KORAIL was one of the public companies that suffered a net loss in 2020. Korea Times file
By Yi Whan-woo
The country s public enterprises collectively reported a net loss last year, the first since the government began to announce their management data in 2016.
The deficit is attributed to elephantine operations, such as salary increases, among 36 state-run companies in general despite the economic fallout of the COVID-19 crisis.
According to All Public Information in One (ALIO), a government-affiliated website offering data on the government and public organizations, the 36 firms suffered a combined net loss of 600 billion won ($535.4 million) in 2020.
Israel Aerospace to Establish Boeing 777 Conversion Facility in South Korea Our Bureau 634
Israel Aerospace Industries (IAI) Aviation Group said today it signed a Memorandum of Agreement (MoA), with the Incheon International Airport and Sharp Technics, to establish a Passenger 2 Cargo (P2F) conversion site in South Korea.
The facility will specialize in converting Boeing 777-ERSF ( Big Twin ) from passenger to freighter. Within the framework of the agreement, IAI will convert six B777-300ER and B777-200LR per year, starting in 2024. Establishing more P2F aircraft conversion facilities around the world is necessary in order to meet the expected rise in demand for wide-body freighter aircraft with capacity for long flights.
State-run companies suffered W600 billion in net losses in 2020 (US$1=W1,113).
According to government data announced on Sunday, the combined net profits of state-run companies has fallen steadily since 2016 and shifted into the red last year. Of the country s 36 state enterprises, 18 or half lost money.
In addition to KORAIL and Korea Coal Corporation, which have suffered losses for the last five years, 11 others posted losses, including the Korea Racing Authority, Incheon International Airport Corporation and Korea Airports Corporation due to the coronavirus pandemic. Korea Gas, Korea Western Power and other energy companies also lost money due to a decline in global oil prices, the government said.