CAE CEO Matthew Bromberg says the Montreal-based flight simulator maker now expects to retire 16 to 18 simulators by the end of its fiscal year in late March.
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Montreal-based CAE Inc. is accelerating parts of a yearlong transformation plan aimed at cutting costs, with the company now expecting to retire more flight simulators than previously planned, CEO Matthew Bromberg said.
Bromberg said CAE expects to retire 16 to 18 flight simulators by the end of its fiscal year in late March, compared with an earlier forecast of 13 to 15.
He said the plan, set in motion by Bromberg, includes closing up to six civil training centres and shedding more than 500,000 square feet from its operating network worldwide.
Despite the leaner simulator figure, CAE said it aims to retain more than 99 per cent of its civil aviation revenue.
Bromberg said the outlook for commercial flying, business jets and defence remains upbeat, even as the Middle East conflict has cost CAE millions of dollars each quarter due to lower demand for flight training amid reduced travel in the region.
On Wednesday evening, CAE reported a 21 per cent year-over-year drop in profits to $58.6 million for its second quarter and a nearly three per cent decrease in revenue to $1.20 billion.
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