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Korea Aerospace wins 688 bln-won trainer jet deal

Economy 10:11 June 30, 2020

SEOUL, June 30 (Yonhap) -- Korea Aerospace Industries Co. (KAI), South Korea's sole aircraft manufacturer, said Tuesday it has received a 688 billion-won (US$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 US$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.

This undated file photo provided by KAI shows a TA-50 lead-in fighter aircraft. (PHOTO NOT FOR SALE) (Yonhap)

kyongae.choi@yna.co.kr
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