Airbus targets operating profit gain in 2020, after bribery settlement net loss

FILE PHOTO: The Airbus logo is pictured at Airbus headquarters in Blagnac near Toulouse, France, March 20, 2019. REUTERS/Regis Duvignau/File Photo

PARIS (Reuters) – Airbus (AIR.PA) plunged to a 1.362 billion euro ($1.48 billion) net loss in 2019, weighed down by a multinational bribery settlement, but the European aerospace group pledged to increase operating profit and deliver 880 commercial jets this year.

Full-year adjusted operating income rose 19% to 6.946 billion euros and should top 7.5 billion euros in 2020, Airbus said. Revenue increased 11% to 70.478 billion euros.

The net loss reflected a 1.212 billion euro charge on the troubled A400M military transporter program as well as the 3.6 billion euro provision announced last month to cover a criminal settlement with British, French and U.S. prosecutors relating to past corrupt practices.

Reporting by Laurence Frost; Editing by Muralikumar Anantharaman

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