Business

EADS reported €763 million net profit.
by Milota Sidorova

European partner of American Northrop Grumman, EADS company announced its annual net loss of more than €763 million (1.04 billion dollars), just few hours after both of the companies dropped the bidding game of U.S. defence department. Northrop Grumman and EADS gave up the competition that had started in 2003. After they almost won the bid for new series of war tankers, the government favored common rival, Boeing company. Boeing is now the only one bidder left.The gap is more remarkable as the annual report in 2008 totaled a net profit of 1.57 billion euros. The gap was according the company caused by 1.8 billion euro provision for delayed project of military A400M. E! ADS started the project of independent European air defence with the support of seven NATO members. After years of delay and cost over-runs seven countries lost the hope, the project could be viable someday. The project was meant to create more than 10,000 job positions. Yesterday, EADS succeeded to share the loss among seven members and according its chief executive Louis Gallois the program was back on track. There has been more black luck for the company last year – as it stepped up a production of superjumbo A380 double-deck planes it was charged with 240 million euro penalty. The company remains precarious of this year's forecast. It will be success if it stays stable, observers suggest.According company A380 sales totaled up to 42.8 billion euro last year. It sold its maximum of 498 aircrafts to airlines. The demand for 2010 is expected to move between 250 and 300 planes.

related story (sgx16718): http://www.france24.com/en/20100309-eads-plunges-red-super-j...

by Milota Sidorova for SigEx Ventures (http://sigexventures.com)

SigEx Ventures's matrix of properties are quickly becoming leaders in digital telebroadcasting, free content delivery allowing people to easily talk, view, upload and share through free online TV broadcasting, free unlimited global calls, video blogs and SMS. SigEx Ventures invests in projects deploying "free" to add-on royalty revenue models

posted by Blog TechSource @ 10:20 PM