Airbus owner EADS reports loss but remains confident
Friday 13 May 2011 3:46 PM
European aerospace and defence giant EADS says it still expects to deliver up to 530 commercial aircraft in 2011 and to see full year revenues above last year's 46bn euros (£40bn; $66bn).
Its forecast came as it reported a first quarter net loss of 12m euros, against 103m euros profit a year ago.
The company said the loss was due to higher financial charges.
EADS shares rose 3.7% on the French stock market after it said it was on track to hit annual targets.
Explaining the net loss, the firm said it had been hit by a "negative accounting revaluation" of its US dollar and UK pound cash assets.
EADS said quarterly operating profit more than doubled to 192m euros on revenues that were up 10% to 9.854bn euros.
Chief executive Louis Gallois said the first quarter results reflected "a good start to 2011".
In March, EADS reported net profit at the group for 2010 of 553m euros ($768m; £476m) compared with a loss of 763m euros in 2009.
Also See