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Korea Aerospace wins W688b trainer jet deal

(Korea Aerospace Industries Co.-Yonhap)
(Korea Aerospace Industries Co.-Yonhap)

Korea Aerospace Industries Co. (KAI), South Korea's sole aircraft manufacturer, said Tuesday it has received a 688 billion-won ($575 million) order to supply trainer jets for South Korea's Air Force by 2024.

KAI signed the deal with the Defense Acquisition Program Administration to manufacture a total of 20 TA-50 lead-in fighter aircraft for radar tactical and combat mission training, the company said in a statement.

KAI has exported a total of 148 trainer jets worth $3.1 billion -- 64 T-50 advanced trainer jets worth $2.4 billion and 84 KT-1 basic trainer jets worth $700 million -- to countries such as Indonesia, Iraq, Thailand, Turkey, Peru and the Philippines since its foundation in 1999.

KAI's net profit jumped 87 percent to 79.5 billion won in the January-March period from 42.5 billion won a year earlier. (Yonhap)