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BREAKING NEWS

EADS profit drops

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EADS profit drops

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EADS has reported a 23 percent drop in operating profit for the first-half of the year to 888 million euros.

Cost cuts at the European aerospace group failed to offset currency swings and lower plane prices. But its shares rose on news that it is now burning through cash at a slower rate that originally predicted. The parent company of Airbus is also struggling to contain costs on the A380 superjumbo and although it took a relatively minor new charge of just 71 million euros for the A400M is expecting bigger writedowns in the future. It is in talks with buyers about the future of the loss-making military transport plane.