Airbus profit distressed
February 22, 2017-PARIS
By Suman Karki
European leading airplane manufacturer Airbus on Wednesday declared that its profit got hit last year after the complication of its A400M military cargo transport plane.
Airbus also stated that its bottom-line net profit plunged by 63 percent to 995 million euros last year due to 2.2 billion euro hit on the A400M airplane. Revenues hiked by three percent to 66.6 billion euros.
The government of Germany, Belgium, France, Britain, Luxembourg, Spain and Turkey had jointly consigned A400M in 2003.
Some technical glitches and differential requests from the government were the reasons behind the delay of A400M delivery despite being planned for launch in 2011.