SAO PAULO, Brazil - Regional jetmaker Embraer SA on Tuesday announced a 70 percent rise in net profits to 1.1 billion reals ($468 million) in 2001, as a weaker local currency helped offset the crisis miring the aviation industry since the Sept. 11 terrorist attacks.<br>
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The 1.1 billion real net profit was equal to 16 percent of gross revenue, which in 2001 stood at 6.98 billion reals ($2.97 billion), more than 33 percent higher than 5.23 billion reals ($2.2 billion) in 2000, the company said.<br>
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Operating earnings, as measured by earnings before interest, taxes, depreciation and amortization, nearly doubled to 2.1 billion reals ($893 million) from 1.1 billion reals ($468 million) in 2000.<br>
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Embraer has been Brazil's largest exporter for the past three years, with about 98 percent of its revenues coming from abroad. As of Dec. 31, 2001, it had a $10.7 billion backlog for firm orders and options worth $12.7 billion.<br>
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It profited from a 16 percent slide in the real last year against the U.S. dollar, which effectively bloated local currency earnings.<br>
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Embraer sold 174 aircraft in 2001, including 161 of the company's ERJ regional jets.<br>
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Announcing the results at a news conference, Embraer Chief Executive Mauricio Botelho said the company, currently vying with Bombardier Inc. of Canada as the world's third largest aircraft manufacturer, had "met most of the targets we had planned for the year." <br>
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