independent

Sunday 20 April 2014

EADS profits hit by A380 repairs

The cost of repairs to A380 superjumbos has hit profits at Airbus parent EADS

The cost of fixing problems on some A380 superjumbos has weighed on third-quarter profits at Airbus parent company EADS.

Net profit at the European aircraft giant fell 1% to 309 million euro (£247 million) in the July to September period, down from 312 million euro (£249 million) a year earlier.

EADS said it had spent 200 million euro (£160 million) of an expected 260 million euro (£208 million) total on the A380 repairs, which involve small fractures found near rivets on some planes at the spot where wings' metal covers, or skins, are joined with the wing ribs.

Sales rose 15% in the quarter to 12.3 billion euro (£9.8 billion), and the company says it is on track to exceed its target of 10% sales growth for the full year.

Press Association

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