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Brazil's Embraer announces 3rd quarter loss
Business and Economy

Brazil's Embraer announces 3rd quarter loss

by  AFP 1 min read
Despite its third quarter losses in 2022, Embraer's debt of $1.3 billion is less than it was a year earlier
Despite its third quarter losses in 2022, Embraer's debt of $1.3 billion is less than it was a year earlier. Photo: Daniel SLIM / AFP
Source: AFP

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Brazilian plane-maker Embraer announced on Monday a third quarter loss of 160.4 million reais ($30.2 million) due to falling revenue in its defense and security sectors.

Compared to the third quarter in 2021, when Embraer lost 234 million reais, defense and security revenues fell by 42 percent.

That was partially offset, however, by increases of five percent in commercial aviation, six percent in executive business and seven percent in support and services.

Embraer, the world's third-biggest plane-maker after Airbus and Boeing, had made a 372.6 million reais net profit in the second quarter, having lost 170.7 million reais in the first three months of the year.

In a statement, Embraer said it had delivered 10 commercial airplanes and 23 executive jets during the last quarter.

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It has delivered 79 aircraft in the year to date.

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The company said continued disruption to the supply chain affecting the airline industry accounted for the third quarter losses.

Embraer's overall debt stood at $1.3 billion at the end of the third quarter, down from the $1.8 billion figure a year earlier.

Source: AFP

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