World News

Tuesday 22 July 2014

Airbus firm's profits cut in half

Published 27/02/2013|08:16

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Airbus' German parent company has reported a drop in profits

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.

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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.

Press Association

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