Aerospace group EADS' troubled Airbus subsidiary suffered a loss during 2006, it was revealed today.
Difficulties surrounding the delayed A380 super-jumbo caused a €572 million (£390 million) loss, EADS' annual results showed.
These "dominated" EADS' overall results. The group's net income fell from €1.67 billion (£1.14 billion) in 2005 to just €99 million (67.4 million) in 2006.
EADS' chief executives, Tom Enders and Louis Gallois, described an "urgent need to… overhaul our Airbus business".
"It will take some time but Power8 will make Airbus substantially more integrated and efficient," they said, commenting on the aircraft manufacturer's "turnaround programme".
"For 2007, our priorities are to drive operational improvements, restore the group's credibility and build a leaner and more dynamic EADS."
Looking ahead, the group said it hoped its aircraft deliveries would continue to grow, "albeit at a much reduced rate".
"Airbus revenues will most likely be affected by a deterioration of mix and of pricing for recent orders, partly due to competitive pressure," today's results statement said.
Shares in EADS fell by 2.49 per cent on the Paris Stock Exchange in early morning trading.
Digg 
Delicious 
Reddit 
StumbleUpon 
Google 
Technorati 
Netvouz