Airbus firm's profits cut in half
Published 27/02/2013 | 08:16
Airbus parent company EADS NV has said net profit declined by nearly half in the fourth quarter as the company took charges at its helicopter and defence electronics divisions.
Full-year earnings were up 19%.
EADS said it earned 325 million euros (£281 million) in the October-December period, down 47% from the previous year's 612 million euros (£530 million).
The company said it took charges of 198 million euros (£171 million) at its defence electronics contractor Cassidian, in part reflecting restructuring costs.
Renegotiating contracts with government customers resulted in a 100 million euro (£86 million) charge at helicopter maker Eurocopter.
However, fourth-quarter revenues rose 17% to 19.22 billion euros (£16.64 billion), with the core Airbus division posting a 36% increase.
Full-year net profit increased to 1.23 billion euros (£1.06 billion) from 1.03 billion euros (£891 million) in 2011.
Airbus employs more than 9,500 people at its UK sites in Filton, Bristol, and Broughton, North Wales.