Embraer reports significant third quarter profit rise

Airline Industry Information, Nov 16, 2004

AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD

Brazilian aircraft manufacturer Embraer has announced a 2004 third quarter net profit of BRL396.9m, up from BRL88.9m in the third quarter of 2003.

Embraer is the world's fourth largest aircraft manufacturer and competes with Canada's Bombardier specialising in the regional jet market. The company doubled its deliveries in the third quarter from 20 in 2003 to 40 in 2004 but saw its account receivables rise by 41% to BRL2.05bn after American Eagle provisionally cancelled an order for 18 aircraft and US Airways postponed the delivery of 63.

Net revenue for the third quarter totalled BRL2.73bn, up from BRL1.30bn in 2003. Embraer's backlog of firm orders was up to USD11bn at the end of September 2004 from USD10.5bn at the end of June 2004, reports Reuters.

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