Airbus posts 2019 loss, plans A320 production ramp
Airbus posts 2019 loss, plans A320 production ramp
Airbus pledges profit gain after bribery settlement hit
14 February, 2020, 01:12
Airbus plunged to a €1.36 billion (S$2.1 billion) net loss last year, weighed down by a multinational bribery settlement, but the European aerospace group pledged to increase operating profit and deliver 880 commercial jets this year.
Net loss for Airbus in the past year amounted to 1.36 billion euros compared to a net profit of $ 3.05 billion euros in 2018.
Operating earnings without one-time burdens rose 19% to 6.9 billion euros.
Airbus is well placed to benefit from the crisis surrounding arch-rival Boeing's (BA.N) 737 MAX airliner, grounded since last March after two deadly crashes.
Airbus turned in a "strong underlying financial performance driven mainly by our commercial aircraft deliveries", chief executive Guillaume Faury said in the company statement.
Revenues rose 11% to 70.5 billion euros (£59.1 billion) as the company ramped up production of its A320 twinjet.
Airbus on Thursday reported a net loss of 1.36 billion euros in 2019 after being hit by a €3.6 billion fine over a bribery scandal and extra development costs for the A400M transport aircraft.
The company said commercial aircraft orders increased to 768 a year ago from 747 in 2018.
Faced with the danger caused by the outbreak of coronavirus in China, which has sent rippling effect in the entire airline industry, and the global economy as a whole, Airbus maintains its tone, assuring that the impact on the company would not be a substantial one, contrary to many beliefs.
The program delivered 14 planes in 2019, on schedule, but now faces "increasingly challenging" obstacles including repeated extensions to a German export ban on Saudi Arabia, Airbus said.
Revenue for the fourth quarter increased 4% to 24.31 billion euros ($26.50 billion), beating analysts' expectations of EUR23.33 billion.
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