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Business

EADS posts 87 million euro loss in Q3 amid key project delays

Text by News Wires

Latest update : 2009-11-16

For the first time since 2007, European aircraft giant EADS has posted a quarterly loss (87 million euros). The group also has said it could not forecast due to uncertainty about two key projects, the A380 and the A400M aircraft.

AFP - The European aircraft making giant EADS reported switching into a quarterly loss on Monday and said it could not forecast operating profit because of persistent problems with its spearhead projects.
  
The group, which is pulling through a deep crisis and restructuring arising from delays in construction of its superjumbo jet airliner the A380, said that difficulties with this programme and with its military transport aircraft the A400M, still weighed on the group.
  
EADS, which controls the Airbus aircraft group and several other leading aerospace companies, said that in the third quarter of this year it made a net loss of 87 million euros (130 million dollars) from a net profit of 679 million euros in the same period of last year.
  
The last loss was in 2007 as the group reeled from the discovery that its management and manufacturing structures were outdated.
  
EADS said that exchange rate factors had helped depress the outcome in the quarter, saying that the weakness of the dollar, in which most of its sales are negotiated, continued to pose a threat to performance.
  
But it held to its target of taking 300 overall orders for Airbus aircraft this year, even though the market remained "difficult."
  
The number of aircraft delivered this year should total about 490, or more than a record of 483 aircraft delivered last year, the group said.

Date created : 2009-11-16

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