Planemaker Airbus posted on Wednesday a 49per cent slump in first-quarter adjusted operating profit to 281 million euros (US$304.7 million) as ...
PARIS: Airbus on Wednesday posted a 49 per cent slump in first-quarter core profit and called for an industry-wide campaign to restore confidence in flying after the coronavirus pandemic triggered the"gravest crisis the aerospace industry has ever known".
Chief Financial Officer Dominik Asam told a telephone news conference he expected some recovery in the third quarter before returning"basically to a neutral situation where we don't use cash anymore" in the fourth. Airbus said first-quarter adjusted operating profit fell 49 per cent to €281 million as revenue dropped 15 per cent to €10.631 billion, mainly due to clouds that were already gathering over jetliner demand before the coronavirus outbreak.Planemakers, airlines and suppliers have been left reeling by the pandemic, which has crippled passenger travel and catapulted major economies into recession.It said on Wednesday it does not immediately see a need for further government support.
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