European aerospace giant EADS – which owns aircraft manufacturer Airbus – has bounce back into profit for financial 2010.
As airplane orders increased, despite concerns of the rising price of aviation fuel, EADS reported net profits of €553 million, compared with a loss of €763 million the previous year.
Group revenues at the Leiden, Netherlands- based group rose by seven per cent to “a new high” of €45.8 billion, with revenue at the military division rising 20 per cent.
EADS also operates defence and security subsidiary Cassidian, Eurocopter and space systems manufacturer Astrium.
Airbus has also continued to trade strongly in 2011, with roughly $15 billion in new commercial airplane orders in the past 36 hours alone.
“The commercial market has seen an impressive rebound, especially in the growth-hungry emerging markets,” said EADS finance director Hans Peter Ring.
These include a multi-billion dollar deal with Cathay Pacific for 15 A330-300 Airbus airplanes.
In total EADS saw orders increase by 81 per cent to €83.1 billion in 2010, driven by Airbus.
The group added that it bolstered its cash position to a record €11.9 billion.