sunny.png
Thursday April 15th, 2021 7:41PM

Airbus reports new pandemic losses, but stops bleeding cash

By The Associated Press
Related Articles
  Contact Editor

PARIS (AP) — Struggling plane maker Airbus says new European virus lockdown measures are making its life “a bit more difficult,” as it announced 1 billion euros ($1.16 billion) in pandemic-related losses for the third quarter Thursday amid a slower-than-expected recovery in air travel.

But CEO Guillaume Faury said Airbus has already repeatedly adapted its operations to cope with the virus and is not predicting major disruptions from the new restrictions, notably those announced in France and Germany on Wednesday.

“We will have to live with the circulation of the virus for long period of time,” he said. “Yes, it’s making our life a bit more difficult, but these kind of measures — which by the way, are necessary — are part of what we have to deal with.”

The Toulouse, France-based company said it managed to stop losing cash in the third quarter after a devastating first half of the year, as airlines collapsed or grounded most of their planes. It maintained its forecast that air traffic won’t return to 2019 levels until 2023-2025.

Faury said the company — one of Europe's leading manufacturers — isn’t currently planning further job losses on top of 15,000 already announced as a result of the pandemic, but said, “there is so much uncertainty we have to remain very humble.”

And he expressed concern about struggling Airbus suppliers. “We are very vigilant to make sure we navigate the situation all together, so that we all stay alive to be able to get to the other side of the pandemic,” he told reporters.

Airbus delayed the ramp-up of production of its single-aisle jets, saying airlines “are not recovering as fast as everyone was expecting a quarter ago.” But it noted a diversity between strong recovery in China and difficulties elsewhere.

Airbus announced 1 billion euros in “COVID-related charges” and posted a loss of 767 million euros for the third quarter, compared with a profit of 989 million euros a year earlier.

  • Associated Categories: Associated Press (AP), AP World News, AP Business, AP Business - Corporate News
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Polish president backtracks on abortion view amid protests
Poland’s president says women themselves should have the right to abortion in case of congenitally damaged fetuses
3:38AM ( 9 minutes ago )
How does the coronavirus affect the heart?
Even though it’s known as a respiratory virus, doctors believe the coronavirus can directly infect the heart muscle and cause other problems leading to heart damage
3:21AM ( 26 minutes ago )
Zeta barrels northeast after battering storm-weary coast
A fast-moving Zeta has weakened to a tropical storm as it barrels northeast after causing havoc along the coast
3:10AM ( 37 minutes ago )
Associated Press (AP)
The Latest: Pakistan orders early closure of businesses
Pakistani authorities have ordered all businesses, including restaurants, wedding halls and markets, be closed after 10 p.m. to contain a coronavirus resurgence that began this month
2:05AM ( 1 hour ago )
S. Korea's top court upholds 17-year jail term on ex-leader
South Korea’s top court has upheld a 17-year sentence on former President Lee Myung-bak for a range of corruption crimes in a final ruling that will send him back to prison soon
2:03AM ( 1 hour ago )
Asian shares lower, US futures up after S&P 500 sinks 3.5%
Asian shares have logged moderate losses after the S&P 500 dropped 3.5% as markets shuddered over surging coronavirus cases that are bringing fresh pandemic shutdown measures
1:34AM ( 2 hours ago )
AP Business
Developer tied to Texas AG accused judge, others of fraud
An Austin real estate developer at the center of recent allegations against Texas Attorney General Ken Paxton asked investigators to probe an elaborate conspiracy this fall
8:32PM ( 7 hours ago )
Feds issue coverage plan for COVID-19 vaccine and treatments
Federal health officials are issuing insurance coverage rules designed to deliver on the promise that every American will have access to free COVID-19 vaccines when they are approved
6:56PM ( 8 hours ago )
Tupperware profits soar as pandemic shut-ins store leftovers
Tupperware relied on social gatherings for explosive growth in the mid 20th century
6:13PM ( 9 hours ago )
AP Business - Corporate News
Polish president backtracks on abortion view amid protests
Poland’s president says women themselves should have the right to abortion in case of congenitally damaged fetuses
3:38AM ( 9 minutes ago )
How does the coronavirus affect the heart?
Even though it’s known as a respiratory virus, doctors believe the coronavirus can directly infect the heart muscle and cause other problems leading to heart damage
3:21AM ( 26 minutes ago )
Zeta barrels northeast after battering storm-weary coast
A fast-moving Zeta has weakened to a tropical storm as it barrels northeast after causing havoc along the coast
3:10AM ( 37 minutes ago )
India's coronavirus cases cross 8 million, behind US
India’s confirmed coronavirus toll has crossed 8 million with daily cases dipping to the lowest level this week
3:01AM ( 46 minutes ago )
The Latest: Zeta weakens into a tropical storm over Alabama
Zeta has weakened into a tropical storm over central Alabama
2:59AM ( 48 minutes ago )