Airbus maker European Aeronautic Defence & Space Co (EADS) has reported its first annual loss in five years.

Due to cost overruns and delays in both military and commercial aircraft, EADS recorded a net loss of €446m compared with a profit of €99m in 2006, with sales falling 0.8 percent to €39.1bn.

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The firm’s fourth quarter net income was €259m, compared with a year-earlier loss of €786m.

Adjusted earnings before interest and tax was €259m, compared with a loss of €1.03bn in 2006.

For 2008, EADS expects EBIT to rise to €1.8bn.

By staff writer

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