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  HOME | Business & Economy (Click here for more)

Airbus Profits Tripled in 2017 despite Charge on Military Carrier

TOULOUSE, France – European aircraft manufacturer Airbus said on Thursday that its net profit had nearly tripled to 2.87 billion euros ($3.58 billion) in 2017, 189 percent more than last year’s, despite a new charge related to the A400M military transport aircraft.

Airbus had taken a one-off 1.29 billion euro charge on the A400M program in order to fix its technical and schedule issues.

“We overachieved on all our 2017 key performance indicators thanks to a very good operational performance, especially in the last quarter,” said Airbus Chief Executive Officer Tom Enders.

“On A400M, we made progress on the industrial and capabilities front and agreed a re-baselining with government customers which will significantly reduce the remaining program risks. This is reflected in a substantial one-off charge,” Enders added.

Airbus added in its statement that Earnings before Interest and Taxes (EBIT) increased by 52 percent to 3.42 billion euros, compared with 2016’s 2.25 billion, while the EBIT adjusted rose by eight percent to 4.23 billion.

Airbus aims to deliver 800 commercial aircraft in 2018 as well as increase its EBIT adjusted by nearly 20 percent.

 

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