EADS Records First Annual Loss in Five Years

17 March 2008 (Last Updated March 17th, 2008 08:44)

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 falli

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.

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