Major aircraft manufacturer, Boeing, has announced that net income in the first quarter of the year ending March 31 increased by 27 per cent to US$877 million on the back of record deliveries of new planes.

Revenue during the reporting period jumped eight per cent from $14.3 billion to $15.4 billion with sales from its commercial airplanes unit rising seven per cent to $7.6 billion on an eight per cent increase in deliveries to 108 airplanes.

The statement said commercial airplane deliveries in 2007 are expected to reach between 440 and 445.

The US aircraft manufacturer had earlier disclosed that its financial forecast in 2007 would be between $64.5 billion and $65 billion increasing to between $71 billion and $72 billion in the following year.

"Deliveries in 2008 are expected to be between 515 and 520 airplanes. Commercial airplanes' revenue in 2008 is expected to grow to between $39 billion and $40 billion accompanied by margin expansion to about 11 per cent. The company expects airplane deliveries in 2009 to be higher than in 2008".