Airbus firm's profits cut in half

on 27/02/2013 08:05:14

Airbus parent company EADS NV said today that net profit declined by nearly half in the fourth quarter as the company took charges at its helicopter and defence electronics divisions.

Full-year earnings were up 19%.

EADS said it earned €325m in the October-December period, down 47% from the previous year's €612m.

The company said it took charges of €198m at its defence electronics contractor Cassidian, in part reflecting restructuring costs.

Renegotiating contracts with government customers resulted in a €100m charge at helicopter maker Eurocopter.

However, fourth-quarter revenues rose 17% to €19.22bn, with the core Airbus division posting a 36% increase.

Full-year net profit increased to €1.23bn from €1.03bn in 2011.