Delta Connection's regional jetmaker Embraer announces higher profits

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> <br> 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> <br> 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> <br> Embraer has been Brazil&#39;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> <br> It profited from a 16 percent slide in the real last year against the U.S. dollar, which effectively bloated local currency earnings.<br> <br> Embraer sold 174 aircraft in 2001, including 161 of the company&#39;s ERJ regional jets.<br> <br> 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&#39;s third largest aircraft manufacturer, had &#34;met most of the targets we had planned for the year.&#34; <br> <br>

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