Airbus net profit goes down as airplane deliveries drop due to supply chain issues
Airbus quarterly results | Representative
European aircraft manufacturer Airbus said Wednesday its revenues and net profit fell during the first quarter of the year as deliveries dropped amid continuing supply chain difficulties.
The company delivered 127 aircraft in the first three months of this year, down from 142 during the same period last year.
While this had only a modest impact on revenue, which dipped two per cent to 11.76 billion ($13.0 billion), net profit fell by 62 per cent to 466 million euros.
ALSO READ |Explained | Air France, Airbus trial over the 2009 Rio-Paris crash. Here's what happened
"We continue to face an adverse operating environment that includes in particular persistent tensions in the supply chain," said chief executive Guillaume Faury.
Airbus posted a record profit of 4.2 billion euros in 2022 despite supply chain problems limiting its ability to raise production.
&im=FitAndFill=(700,400))
Why Bangladesh’s Eurofighter fleet could remain grounded more than flying if they buy it
)
Australia police raid residence of Pakistan origin man suspected of Bondi Beach terror attack — Report
&im=FitAndFill=(700,400))
What is "Missile Sponge" trap and why Bangladesh's Eurofighter won't survive a swarm
)
Pakistani origins, links to Islamic State? What we know about Bondi beach shooters Sajid and Naveed Akram
&im=FitAndFill=(700,400))
Why just one Agni-5 missile would be enough to keep 16 Bangladeshi Eurofighter jets at bay?
)
Trump order on marijuana will reclassify it for first time in 50 years, say reports. What will change?
&im=FitAndFill=(700,400))
$3 billion for only 16 fighter jets? Inside Bangladesh’s massive Eurofighter Typhoon gamble
&im=FitAndFill=(700,400))
'12 rockets in 44 secs': What makes Pinaka MBRL a game-changer for the Indian Army?
&im=FitAndFill=(700,400))
Meet top 5 batters with most centuries in 2025, check who tops the list
)
Rob Reiner’s son involved in his and Michele Reiner's death? Here's what we know
&im=FitAndFill=(700,400))
'Flying tanks': Why Russian fighter jets are giants compared to American and Europeans?
&im=FitAndFill=(700,400))
Lock on, fire, leave: How fire-and-forget missile technology transformed warfare
&im=FitAndFill=(700,400))
What India’s HAL Tejas Mk2 offers that Bangladesh’s Eurofighter does not
&im=FitAndFill=(700,400))
'10 mins to fly, 3 mins to die': Why Bangladesh’s Eurofighters would be sitting ducks for India's BrahMos missile?
ALSO WATCH |Low output by Airbus causes concerns
The company slashed production and jobs during the pandemic when airlines halted most operations, and it has had trouble scaling production back up, as have some of its suppliers.
The Russian invasion of Ukraine also complicated sourcing certain parts.
Revenues generated by Airbus' commercial aircraft activities decreased by five per cent year-on-year, mainly reflecting the lower deliveries, the company said.
The company's defence and space unit saw revenues drop by six per cent, while the helicopter unit jumped by 26 per cent as deliveries rose.
The first quarter performance was also hit by a charge of 360 million euros due to change in the value of the US dollar from when some pre-payments were made to settlement when aircrafts were delivered.
The company said it's 2023 outlook remains unchanged, which is for commercial aircraft deliveries to rise from 661 last year to 720 this year.
WATCH WION LIVE HERE
You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.