Bombardier returns to profit in second quarter

2008-9-5

Bombardier returned to profitability in the second quarter, compared with the same period last year when it recorded a big write-off on the value of a rail investment.

The plane and train maker said on Thursday net income was USD$246 million, compared with a loss of USD$71 million a year earlier.

The 2007 results included a USD$162 million charge from the write off its investment in Metronet Rail.

Metronet, which was refurbishing part of the London Underground, filed for bankruptcy protection last year after it ran out of cash.

Revenue for the quarter was USD$4.93 billion, up 22 percent from USD$4.04 billion with revenue of USD$2.5 billion at its aerospace division.

Aircraft orders for the quarter totaled 175, compared with 187 a year earlier. Deliveries totaled 89, compared with 78 last year.

Source: airwise.com
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