Airbus announces 481 million euro quarterly loss due to coronavirus

Airbus announces 481 million euro quarterly loss due to coronavirus
  • Clock-gray 11:47
  • calendar-gray 29 April 2020

Airbus’ net loss stands at 481 million euro (about 522 million dollars) due to the COVID-19 crisis, according to the aircraft manufacturer’s report on its consolidated financial results for its First Quarter (Q1) which ended on 31 March, 2020, APA reports citing Sputnik. 

Revenue fell 15 percent at 10.63 billion euro, compared with a net profit of 40 million euro in 2019.  

“We saw a solid start to the year both commercially and industrially but we are quickly seeing the impact of the COVID-19 pandemic coming through in the numbers. We are now in the midst of the gravest crisis the aerospace industry has ever known”, Airbus Chief Executive Officer Guillaume Faury said in a statement on Wednesday.

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