Airbus suffers first ever loss
Delays to the A380, development problems for the A350 extra-wide body aircraft, and a strong dollar all contributed to a €572 million loss for Airbus in 2006.
The loss had a huge impact on the annual profit of Airbus parent EADS, reducing it from €1.676 billion to €99 million.
The company said Airbus would continue to suffer losses while a restructuring programme, known as Power8, was implemented.
“Two contrasting observations emerge from our review of 2006,” said EADS CEOs Tom Enders and Louis Gallois.
“The first is the overall vitality of the group as measured by significant market accomplishments in all divisions. The second is an urgent need to implement Power8 and overhaul our Airbus business. It will take some time but Power8 will make Airbus substantially more integrated and efficient.”
As part of Power8, EADS plans to cut about 10,000 jobs and sell off several factories.
EADS said Airbus’ difficulties were overshadowing a “remarkable” intake of orders for 790 aircraft and “record deliveries” of 434 aircraft.
Report by Bev Fearis
John Alwyn-Jones
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