Brazil's Embraer posts losses of 178 mln USD for 2018

Source: Xinhua| 2019-03-15 13:41:38|Editor: Shi Yinglun
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RIO DE JANEIRO, March 14 (Xinhua) -- Brazilian aircraft manufacturer Embraer posted on Thursday a net loss attributable to shareholders of 178 million U.S. dollars for 2018.

The figure was significantly lower than in 2017, when Embraer registered a net income attributable to shareholders of 264 million dollars.

Embraer had a net loss attributable to shareholders of 18.1 million dollars in the fourth quarter of 2018, which showed an improvement from the third quarter, when the company's net losses reached 21.3 million dollars, but registered a considerable fall from the fourth quarter of 2017, with a profit of 39.8 million dollars.

According to Embraer, 90 commercial jets and 91 executive jets were delivered in 2018, down from 101 commercial jets and 109 executive jets delivered in 2017.

Though the number of commercial jets delivered was within expected margins, deliveries of executive jets were below the expected margin of 105 to 125.

"Global market conditions for executive jets, although gradually improving, continued to recover more slowly than expected," the company stated.

Revenue amounted to 5.07 billion dollars in 2018, and 1.67 billion dollars in the fourth quarter of the year.

The company said its firm order backlog increased to 16.3 billion dollars at the end of the fourth quarter of 2018, including contracts of the Services & Support segment, up from the 13.6 billion dollars reported at the end of the third quarter.

Embraer is in the process of selling its commercial division to Boeing. A deal has already been approved by Embraer shareholders, but is still pending approval by regulation agencies.