The starkly contrasting fortunes of the world’s two giant planemakers were revealed today when EADS, the parent of Airbus, posted an 85 percent drop in second quarter net profit.

EADS’ net income plummeted to US$113 million, while in the same period Boeing reported a net profit of $1.05 billion.

Airbus accounts for around 65 percent of EADS sales and although the European aircraft manufacturer signed a string of orders at the parish Air Show earlier this year, much of the sales have yet to be booked.

Problems in the military transport programme and the weak US dollar have hit EADS profitability hard and the company has launched a cost-cutting and restructuring effort called Power8.

Next month, joint chief executive Louis Gallois takes over as sole CEO while the other joint boss, Tom Enders, will become head of Airbus.

Boeing has 616 firm orders so far this year, but still trails Airbus, which had 680 orders at the end of June.