Posted: Fri, Nov 15, 2002, 7:45 AM ET (1245 GMT)
The European Aeronautic Defence and Space Company (EADS), Europe's largest aerospace company, said Thursday that it does not expect a profit from its space business through at least 2003. Through the first nine months of 2002 the space division of EADS reported a loss of 101 million euros (US$101 million), including a loss of 8 million euros (US$8 million) in the fiscal third quarter. Revenues for the space division in the first nine months of 2002 were 1.39 billion euros (US$1.39 billion), a drop of 10 percent compared to the same period a year ago. EADS CFO Hans Peter Ring said in a conference call Thursday that the company does not expect an operating profit from the space division through 2003. "With no market recovery in sight, management attention to restructuring and operating costs remains a top priority," the company said in a statement. EADS is a stakeholder in both launch vehicle company Arianespace and satellite manufacturer Astrium.

Related Links:

•  EADS press release
•  Reuters article