Wednesday, March 10, 2010

EADS takes hit for A400M in fourth quarter

Airbus parent company EADS NV says it lost over euro1 billion in the fourth quarter after necessities for the A400M military transport plane and its A380 superjumbo passenger airliner weighed on pay

Paris-based European Aeronautic Defence & Space Co. said Tuesday that it had a net loss of euro1.05 billion the three months to December compare to a euro490 million net income a year earlier.

That led to a full year net loss of euro763 million compared to a net profit of euro1.57 billion in 2008.Revenue fell 1 percent in 2009 to euro42.82 billion and EADS said it expects approximately stable revenues in 2010.EADS reach an agreement with customer nations on who pays for the cost overruns of the A400M on Friday.

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