French plane constructor Airbus reports 1.4 billion euro loss

Airbus A380 takes off for its demonstration flight at the Paris Air Show in Le Bourget airport north of Paris. Commercial airliner maker Airbus is releasing 2019 earnings on Thursday Feb. 12. (AP

CEO Guillaume Faury said that safety was a shared concern in the industry.

Airbus (OTCPK:EADSY) -0.6% in Paris trading after swinging to a loss in 2019 of €1.36B compared with a net profit of €3.05B a year earlier, as it reported a €3.6B penalty from a corruption probe settlement and €1.2B in charges from its A400M program.

Overall, Airbus delivered 863 commercial aircraft through the year and ended 2019 with 768 net orders (after cancelations).

The long-delayed A400M programme past year delivered 14 planes on schedule, but is now hampered by "increasingly challenging" obstacles including repeated extensions to a German export ban on Saudi Arabia, Airbus said. Revenue increased 11 per cent to €70.478 billion.

Asked how much Airbus had benefited from Boeing's troubles, he said that "it might look like a paradox, but in the short term we do not benefit from the situation with a competitor".

Journalists listen to Airbus CEO Guillaume Faury during Airbus annual press conference in Toulouse southwestern France Thursday Feb.13 2020. Commercial aircraft maker Airbus lost 1.36 billion euros in 2019 because of a multibillion-eur

He added that "we can not take benefits on the 320". That follows a 55% jump in 2019, when Boeing rose just 1% after two fatal crashes involving the Max tipped the US company into crisis. Airbus has a lot at stake in delivering their jets, with their planned number of 880 commercial airline deliveries coming under severe risk.

Boeing's net orders were negative because of cancellations and the bankruptcy of a large customer, India's Jet Airways.

The company's loss was mainly due to a provision of 3.6 billion euros to cover the settlement of a suspected jet sales corruption case dating back over a decade.

The net loss reflected a €1.21 billion charge on the A400M military transporter programme as well as a provision for last month's US$4 billion (S$5.56 billion) settlement with British, French and USA prosecutors over past corrupt practices.

Airbus is legally headquartered in the Netherlands but has its main base in Toulouse, France.

World Health Organization gives new coronavirus a name
But it was not immediately clear how the new methodology changed the results, nor why the death toll suddenly leapt up so high. Earlier in the day, Hubei officials asserted that they had discovered a new way to diagnose the deadly strain.

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