Airbus First-Quarter Profit Plunges As Coronavirus Crisis Starts To Bite and Corruption
Fine to settle corruption investigations in Britain, France and the United States.
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April 29, 2020 - by Tim Hepher for reuters.com
PARIS (Reuters) - Airbus (AIR.PA) on Wednesday posted a 49% slump in first-quarter core profit and called for an industry-wide campaign to restore confidence in flying after the coronavirus pandemic triggered the "gravest crisis the aerospace industry has ever known".
Europe's largest aerospace group also highlighted plans to save cash after gushing 8 billion euros in the first quarter, including a record 3.6-billion-euro fine to settle corruption investigations in Britain, France and the United States.
"All nature of costs are now being reviewed," CEO Guillaume Faury told analysts.
Airbus has been unable to deliver more than a handful of aircraft since Europe-wide lockdowns began in mid-March and Faury said he expected similar difficulties in the second quarter before a clearer picture emerges in around June.
Chief Financial Officer Dominik Asam told a telephone news conference he expected...
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