EADS goes into red with loss of 446 million euros

11th March 2008, Comments 0 comments

European aerospace group EADS, which owns planemaker Airbus, went into the red in 2007 with a net loss of 446 million euros.

   PARIS, March 11, 2008 - The European aerospace group EADS, which owns planemaker Airbus, went into the red in 2007 with a net loss of 446 million euros (684.6 million dollars), caused by delays with its A400M military plane, the company said.
   In 2008 EADS expects to considerably improve its earnings before interest
and taxes (EBIT) to 1.8 billion euros against 52 million in 2007.
   It is also expecting turnover to be "above 40 billion euros" against 39.1
billion euros in 2007.
   Late last month the US Pentagon defence department awarded an aerial
refuelling tanker contract worth 35 billion dollars to EADS and the US group
Northrop Grumman, instead of to US group Boeing, which has said it may protest
the decision.
   It was a stunning upset for Boeing, until now the sole supplier of air
refueling planes to the US military.

AFP 

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