Airbus first-quarter core profit plunges 49% as virus crisis starts to bite
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WEDNESDAY, FEBRUARY 08, 2023
Airbus first-quarter core profit plunges 49% as virus crisis starts to bite

Global Economy

Reuters
29 April, 2020, 01:25 pm
Last modified: 29 April, 2020, 01:57 pm

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Airbus first-quarter core profit plunges 49% as virus crisis starts to bite

Airbus suspended its profit outlook, scrapped its dividend and negotiated new commercial credit lines last month as the spread of the coronavirus began to impact airline operations and almost halted the delivery of aircraft

Reuters
29 April, 2020, 01:25 pm
Last modified: 29 April, 2020, 01:57 pm
FILE PHOTO: An Airbus assembly plant in Seville, southern Spain, February 21, 2020. REUTERS/Marcelo del Pozo/File Photo
FILE PHOTO: An Airbus assembly plant in Seville, southern Spain, February 21, 2020. REUTERS/Marcelo del Pozo/File Photo

Planemaker Airbus on Wednesday posted a 49% slump in first-quarter adjusted operating profit to 281 million euros ($304.7 million) as revenue dropped 15% to 10.631 billion euros amid the "gravest crisis the aerospace industry has ever known".

Europe's largest aerospace group also reported a negative cashflow of 8.03 billion euros, including a previously published record fine of 3.6 billion euros to settle bribery and corruption investigations in Britain, France and the United States.

Planemakers, airlines and suppliers have been left reeling by the coronavirus pandemic, which has crippled passenger travel and catapulted major economies into recession.

Airbus suspended its profit outlook, scrapped its dividend and negotiated new commercial credit lines last month as the spread of the coronavirus began to impact airline operations and almost halted the delivery of aircraft.

Several other top aerospace firms are also expected to report weaker results on Wednesday, including US rival Boeing, which is also hit by the continued grounding of its 737 MAX, though the impact of the coronavirus is mostly expected in the second quarter.

Airbus said it would focus squarely on saving cash.

The France-based group will reduce 2020 capital expenditure by around 700 million euros to around 1.9 billion euros and defer or suspend activities which are "not critical to business continuity" or meeting other commitments.

 

 

Top News / World+Biz

Airbus / Coronavirus impact / Coronavirus Pandemic

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