Airbus Group profit jumps 80 in first quarter

(MENAFN- Arab News) PARIS: European aeronautics giant Airbus Group has reported an 80 percent increase in first quarter net profits to 792 million euros ($883 million).
'We had a good start into 2015 with a solid operational performance and improved cash generation further supported by asset sales' said Tom Enders Airbus Group CEO in a statement adding that the builder of civilian and military aircraft was 'on track to achieve our full year targets.'
The group said revenues of 12.1 billion euros for the first three months of the year remained virtually stable compared to the same period in 2014.
Airbus said Q1 orders of aircraft were also level on a year-to-year basis at 21 billion euros. But it noted that the total value of client orders rose by 11 percent to 954.5 billion euros thanks in part to favorable impacts of the euro's decline on exchange markets.
It also predicted increased revenue for the remainder of 2015 due to relatively slow early delivery schedule set to accelerate over the year particularly for A350 XWB and A380 families of aircraft.
In addition to other favorable business factors group income received a one-off boost from a 697 million euro profit on the sale of its 17.5 percent stake in Dassault Aviation.
Enders said efforts to further fuel activity may lead the group to alter 'capital allocation toward the end of the year as we progress on the A350 ramp up A320 transition and our divestments.'
Despite the positive results reported by the Toulouse-based giant which employs 137855 people Airbus Group share price dropped 1.39 percent in early trading on the Paris market which was 0.80 percent lower overall.