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Boeing loses order for 5 747-8 freighters

CHICAGO (AP) -- Boeing said Thursday that a company in the United Arab Emirates canceled orders for five 747-8 freighters, which would have been worth $1.76 billion at list prices.

The 747s were to go to Dubai Aerospace Enterprise, a leasing company. At one time it had orders for 10 of the 747-8 freighters, but the new order cancellation means it won't get any. It previously converted an order for five 747s into an order for 777s.

Boeing first delivered its revamped 747-8 in late 2011. It has delivered 46 of them so far, and has orders for 59 more. It makes a freighter version and a passenger version. But orders for the plane have been disappointing. Boeing said last month that it would cut 747 production from 2 per month to 1.75.

"The possibility of this cancellation was considered in our decision" to cut the production rate, spokesman Jim Proulx said on Thursday.

Boeing also added one order for a 777 for a business jet or VIP customer.

Shares of Chicago-based Boeing Co. rose $1.03 to close at $92.21.