Brazil airplane giant posts $341 mln profits in 2010

SAO PAULO – Brazil’s Embraer, the world’s third largest commercial airplane manufacturer, on Thursday announced over $340 million in profits in 2010.

The company said in a statement that it had posted profits of 600.2 million reals, or $341 million according to the average 2010 exchange rate, with a total benefit for shareholders of 573.6 million reals, or $326 million.

During the past year the company delivered 101 commercial aircraft and 145 business aircraft, « exceeding annual delivery projections in all categories, » it said.

In 2009 the firm delivered 244 aircraft and posted a profit of $498 million.

Embraer’s net income in 2010 was $5.35 billion, with 54 percent coming from the commercial aircraft sector.

The firm said it was hurt by the devaluation of the US dollar against the real, but that 2010 brought « concrete signs of recovery » following the global economic crisis.

The aviation manufacturer expects a higher profit of $420 million this year and a net income of $5.6 billion.

With more than 17,000 employees, Embraer is the third largest airplane manufacturer behind global giants Boeing and Airbus.

by Laurent Thomet
(c) 2011 AFP

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