Boeing Q2 net rises 17% to $998 million

Aircraft manufacturer Boeing on Wednesday reported a 17 per cent increase in net income at $998 million for the second quarter of 2009 from $852 million in the year ago period driven by growth in its defence unit.

Revenues rose one per cent to $17.15 billion from $16.96 billion in the April-June quarter of 2008.

However, the company's net income for January-June 2009 dipped 22 per cent to $1.6 billion as against $ 2.06 billion in the first half of 2008. Revenues grew two per cent to $ 33.65 billion in first six months of 2009 from $ 32.95 billion a year ago.

"While market and development programme execution challenges remain with us, we are doing what is necessary to emerge from the current economic environment as a stronger company," Boeing chairman, president and chief executive officer Jim McNerney said in a statement.

Boeing Integrated Defense Systems, which accounts for nearly half of Boeing's overall revenue, posted second-quarter revenues of $8.7 billion, up nine per cent from $7.9 billion. For the first half of 2009, IDS revenues increased by six per cent to $16.4 billion.

Boeing said it expects to issue a new schedule for its long delayed 787 jetliner in the third quarter. The test flight of the 787 has been postponed on five different occasions.