spacetoday.net: EADS reports lower revenue from space division

Posted: Mon, Feb 10, 2003, 2:35 PM ET (1935 GMT)
The European Aeronautic Defense and Space Company (EADS), Europe's largest aerospace company, announced Monday that revenues for its space division fell in 2002, although orders increased compared to the previous year. The company's space division, which includes a majority stake in satellite manufacturer Astrium and contractors for launch services provider Arianespace, fell to 2.22 billion euros (US$2.39 billion), down from 2.44 billion euros (US$2.62 billion) in 2001. The company blamed the end of the Ariane 4 program as well as a weak market for commercial communications satellites for the decline. The company said that the space division recorded a "substantial loss" in 2002, but did not provide further details. Orders increased sharply, however, from 1.3 billion euros (US$1.4 billion) in 2001 to 2.1 billion (US$2.2 billion) in 2002. Increases in launch vehicle orders for military payloads, as well as a contract to build the Amazonas communications satellite, were credited for the increase. Full financial statistics for EADS in 2002 will be released next month.