Airbus reports 2019 net loss of 1.36 bn euros

Airbus pledges profit gain after bribery settlement hit

Airbus pledges profit gain after bribery settlement hit

Net loss for the 2019 reflects the cost of $ 1,212 billion euros under the program of military transport aircraft A400M as well as the expenses on payment of fine in the amount of 3.6 billion euros. The year of loss was also marked with the settlement of $4 billion with prosecutors, over the charges of corrupt practices.

A year earlier, a profit of 3 billion euros was recorded. That follows a 55 percent jump previous year, when Boeing rose just 1 percent after two fatal crashes involving the 737 MAX tipped the United States company into crisis. "We delivered a strong underlying financial performance driven mainly by our commercial aircraft deliveries", Airbus chief executive officer Guillaume Faury said.

In 2020, Airbus targets around 880 commercial aircraft deliveries and aims to accelerate its operating income to 7.5 billion euros.

Airbus is well placed to benefit from the crisis surrounding arch-rival Boeing's (BA.N) 737 MAX airliner, grounded since last March after two deadly crashes.

-A320 PRODUCTION RAMP-UP: Airbus plans to increase the production of its bestselling A320neo jets to as much as 67 a month by 2023 from its current goal of 63 a month in 2021.

College football player slams officer onto concrete during heated altercation, video shows
Harris is also facing charges of resisting arrest, obstructing official business and disorderly conduct while intoxicated. Eastern Kentucky University confirmed that Harris is a redshirt sophomore for the school.

Nonetheless, Faury acknowledged some Chinese airlines had requested "very short-term" postponements of new jet deliveries that he described as logistical.

The net loss reflected a €1.21 billion charge on the A400M military transporter programme as well as a provision for last month's US$4 billion (S$5.56 billion) settlement with British, French and USA prosecutors over past corrupt practices.

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

The A400M earnings hit comes on top of billions of past charges for Europe's biggest defense project, which has been a financial thorn in Airbus' side for more than a decade. Here Airbus is struggling with a German export ban on exports to Saudi Arabia. Quarterly revenue rose 4% to 24.31 billion euros.

Full-year sales rose 11% Y/Y to €70.48B, while adjusted EBIT jumped 19% to €6.95B from €5.84B in 2018.

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