Airbus parent flies high with net profit up by 76%

Source: Agencies | July 29, 2009, Wednesday |

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AIRBUS parent company EADS NV said yesterday that second-quarter net profit rose 76 percent as the European plane maker delivered more aircraft and charges for its delayed A400M military transport eased.

Shares rose as the European Aeronautics Defense and Space Co said Airbus still plans to deliver as many planes as last year.

Net profit was 208 million euros (US$297 million) in the April to June period, up from 118 million euros a year earlier. Shares were up 5.3 percent at 13.38 euros in Paris morning trade.

EADS said it may take "substantial negative" hits to future profits from the delayed A400M military transport program, which it is renegotiating.

EADS missed a March 31 deadline for the first flight, and it could have to repay as much as 5.7 billion euros to governments if the project is canceled.

At the end of June, Airbus had delivered 254 aircraft this year, compared with 245 in the first half of 2008.

EADS said it expects Airbus to win 300 new orders this year while keeping aircraft deliveries stable at the 2008 level, including 14 A380 super jumbos.

EADS said second-half earnings before interest, tax, goodwill and exceptional items would be positive but fall compared to the first half's 888 million euros, due to higher research costs and foreign exchange rates.

The company said its net cash position "remains solid" at 8.1 billion euros.

Transport

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Airbus parent flies high with net profit up by 76%

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