• Sun. Dec 10th, 2023

Airbus slips into the red due to corona crisis


Jun 28, 2023
Airbus slips into the red due to corona crisis

Airbus has slipped into the red because of the corona crisis. The bottom line was a loss of 481 million euros in the first quarter, compared with a profit of 40 million euros in the same period of the previous year. This was announced by the aviation and aerospace group in toulouse.

"We are in the midst of the most serious crisis the aviation industry has ever experienced," airbus CEO guillaume faury said in a conference call. The frenchman had previously written to employees to warn them of tough times ahead. In france, around 3,000 employees are on short-time work, faury now said. Looking at germany, he added: "several thousand people will soon be on short time"." Details and locations remained open.

First-quarter sales down 15 percent to 10.6 billion euros due to interruptions in aircraft deliveries. Airbus delivered 122 commercial aircraft, 40 fewer than before.

The european manufacturer had already announced that it would cut its aircraft production by around one-third. Airlines are hard hit by the corona crisis as major customers and are partly dependent on government support. The pandemic also led to special write-downs on profits, for example for a loan for the internet-for-all project oneweb. Oneweb filed for creditor protection in the USA at the end of march.

Airbus has already secured a 15 billion euro credit line, issued a 2.5 billion euro bond and cut its dividend to prepare for the crisis. By the end of last month, no airline had canceled an order because of the pandemic, faury explained. It remained open whether there were any cancellations in april.

The production cuts decided so far will initially apply for two to three months. Further, airbus is expected to decide in june, faury said. On the stock exchange, the manufacturer’s shares lost further ground. With a loss of around 60 percent, it is the biggest loser so far among standard german and european stocks in the corona crash.


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