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Coronavirus pushes Airbus into Q1 loss of 481 million euros
The loss compared to a profit of 40 million euros ($43 million) in the same period last year.
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An employee leaves the plant of Airbus during the outbreak of coronavirus disease (COVID19) in Hamburg, Germany, March 16, 2020. (REUTERS/Fabian Bimmer)
E
uropean aviation giant Airbus Wednesday reported a first quarter net loss of 481 million euros under the impact of the coronavirus crisis.
The loss compared to a profit of 40 million euros ($43 million) in the same period last year.
Revenues fell 15.2 percent to 10.6 billion euros, reflecting a "market environment strongly impacted" by the pandemic, "particularly in commercial aircraft."
Reuters earlier reported that the European planemaker had given its starkest assessment yet of damage from the coronavirus crisis, telling the company’s 135,000 employees to brace for potentially deeper job cuts and warning its survival is at stake without immediate action.
In a letter to staff late last week, Chief Executive Guillaume Faury said Airbus was “bleeding cash at an unprecedented speed” and that a recent drop of a third or more in production rates did not reflect the worst-case scenario and would be kept under review.
