Airbus profits down 23% in “challenging year”

Q1 profit fall is despite revenues being stable
Airbus has posted a 23% fall in core operating profits for the first quarter of 2016, to €501 million, despite revenues being stable at €12.2 billion
Earlier this year the plane manufacturer revealed it was scaling back on production of the A380 superjumbo due to poor sales. There is also likely to be a “significant” impact from technical problems with the company’s military planes.
“2016 turns out to be the challenging year we anticipated,” chief executive Tom Enders admitted.
However, Airbus is expected to catch up on deliveries of the A350 and A320neo as the year continues, after issues have left many of the planes still awaiting delivery.
Reuters