Airbus posts 481 mln euro Q1 loss on coronavirus impact

Airbus reports first quarter net loss of 481mn euros under the impact of the #coronavirus crisis compared to a profit of 40mn euros ($43mn) in the same period last year, with revenues down 15.2 percent to 10.6bn euros AFP reported on Wednesday.

The European aeroplane manufacturer posted a loss of 481 million euros in the first quarter of 2020 due to the coronavirus pandemic as the company's revenue dropped by 15.2 per cent to 10.6 billion euros because of interruptions in aircraft delivery, Airbus said on Wednesday.

It posted a slump of 49 per cent to 281 million euros in its first-quarter adjusted operating profit. Airbus head Guillaume Faury made no new profit forecasts for the current year because of the unclear duration and consequences of the pandemic.

Airbus had already announced a production cut by about one third in its passenger jets due to the pandemic as its airline clients have suffered from a massive reduction in air travel due to the pandemic.

Many airlines are fighting for survival as the global aviation industry has been hit hard by the crisis caused by the coronavirus pandemic.

No comments

Poster Speaks

Poster Speaks/box