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Airbus pledges profit gain after bribery settlement hit

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Airbus pledges profit gain after bribery settlement hit

Airbus pledges profit gain after bribery settlement hit

Airbus pledged higher jet deliveries and operating profit this year, after an international bribery settlement and problems with the A400M transport plane plunged the aerospace group to a 1.36 billion euro ($1.48 billion) net loss for 2019.

Ciara Lee reports

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Airbus pledges profit gain after bribery settlement hit

Airbus has pledged higher jet deliveries and operating profit this year, despite posting a 1.5 billion dollar loss for 2019.

It came after an international bribery settlement, and problems with the A400M transport plane.

The aerospace group said on Thursday (February 13) that a weaker sales outlook for the military transporter will continue to weigh.

Its full-year loss also reflected a provision for last month's $4 billion settlement with prosecutors.

The record settlement with France, Britain and the U.S. came as Europe's largest aerospace group was punished for bribing public officials and hiding payments.

The disclosures were made public after a nearly four-year investigation spanning sales to more than a dozen overseas markets.

Adjusted operating income, excluding the charges, rose 19% and revenue increased 11 percent.

And the company's chief exec said it turned in a strong underlying performance.

Airbus is well placed to benefit from the crisis surrounding rival Boeing's grounding of its 737 MAX airliner, but production issues with the group's own single-aisle A320 jet family may limit its response.

Airbus also played down the potential damage from the coronavirus outbreak, which is currently rattling airlines, although it did acknowledge some Chinese airlines had requested postponements of new jet deliveries.

Airbus shares were down 1.3% in morning trade.




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