Airbus reports 2019 net loss of 1.36 bn euros

Airbus reports 2019 net loss of 1.36 bn euros
February 13, 2020, 10:21 am

Airbus reports a net loss of 1.36 billion euros in 2019 after being hit by a 3.6-billion-euro fine over a bribery scandal

Airbus on Thursday reported a net loss of 1.36 billion euros in 2019 after being hit by a 3.6-billion-euro fine over a bribery scandal and extra development costs for the A400M transport aircraft.

The firm said operating profits rose to 6.9 billion euros ($7.5 billion), adding that it expected to deliver about 880 commercial planes in 2020 against 863 in 2019.

"We achieved a great deal in 2019. We delivered a strong underlying financial performance driven mainly by our commercial aircraft deliveries," said Airbus Chief Executive Officer Guillaume Faury.

"The reported earnings also reflect the final agreements with the authorities resolving the compliance investigations and a charge related to revised export assumptions for the A400M."

Airbus has agreed to pay 3.6 billion euros in fines to Britain, France and the United States to settle corruption inquiries sparked by suspicious sales.

The company said commercial aircraft orders increased to 768 last year from 747 in 2018.

source:AFP

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