Airbus profits nosedive

AFP, PARIS: European airplane maker Airbus said Wednesday that its profits nosedived last year as charges related to problems with its A400M military cargo transport plane sent earnings into a tailspin.
Airbus said in a statement that its bottom-line net profit plummeted by 63 per cent to 995 million euros ($1.0 billion) last year, shot down by a 2.2-billion-euro hit on the A400M.
Revenues grew by three percent to 66.6 billion euros.
“We have delivered on the commitments that we gave a year ago and achieved our guidance and objectives, with one exception, the A400M, where we had to take another significant charge totalling 2.2 billion euros in 2016,” said chief executive Tom Enders.
“De-risking the programme and strengthening programme execution are our top priorities for this aircraft in 2017.”

Airbus profits nosedive

AFP, PARIS: European airplane maker Airbus said Wednesday that its profits nosedived last year as charges related to problems with its A400M military cargo transport plane sent earnings into a tailspin. Airbus said in a statement that its bottom-line net profit plummeted by 63 per cent to 995 million euros ($1.0 billion) last year, shot down by a 2.2-billion-euro hit on the A400M. Revenues grew by three percent to 66.6 billion euros. We have delivered on the commitments that we gave a year ago and achieved our guidance and objectives, with one exception, the A400M, where we had to take another significant charge totalling 2.2 billion euros in 2016, said chief executive Tom Enders. De-risking the programme and strengthening programme execution are our top priorities for this aircraft in 2017.