[The Jolt] Airbus buoyant in current downturn

Tom Enders, president and CEO of airbus said at the recent World Economic Forum's annual meeting at Davos, Switzerland that Airbus remains on solid footing, with a strong order backlog and a competitive product line of single-aisle and wide-body jetliners.

Airbus reported booking 777 aircraft orders valued at US$100 billion for 2008, exceeding the original sales prediction at the start of the year.

The aviation giant's total backlog currently amounts to 3,715 civil aircraft, worth US$438 billion at list prices, equaling six years of full production, Airbus said.

Korean Air recently ordered two additional double-deck A380 from Airbus, bringing the total number of A380s ordered by Korean Air to ten aircrafts.

"Our decision to purchase the A380 aircraft is in line with our vision to become a global leading carrier providing the best quality of service to our passengers," said Yang Ho Cho, chairman and CEO of Korean Air. "The A380 is a comfortable, environment-friendly aircraft for the 21st century and it will enable Korean Air to provide excellence in flight to our customers," he said.

Airbus said that total orders for the A380 now stand at 200 from 16 customers.

At the forum's annual meeting, Enders also said that a functional global financial system is needed to support the world's airlines, looking to equip their fleets with more modern and efficient aircraft.

"There are very few customers today who are able to buy aircraft from their cash flow and most of them need financing, but there is a dysfunctional banking system," said Enders

Enders continued, "Our products are very much needed by the airlines, but obviously if they can't find commercial financial solutions due to the credit crunch, then it's a problem."