spacetoday.net: EADS space group records loss

Posted: Sat, Jul 26, 2003, 10:30 AM ET (1430 GMT)
The space division of the European Aeronautic Defence and Space Company (EADS) reported a loss of €131 million (US$151 million) in the first half of 2003, the company reported Friday. EADS Space recorded the loss on €1 billion (US$1.15 billion) in sales for the first half. Much of the loss was due to an €88 million (US$101 million) charge the company took to account for restructuring of the company's space divisions, which now include 100 percent of satellite manufacturer Astrium. The total cost of the restructuring is estimated at €280 million (US$322 million), with the remainder being charged against earnings in following quarters. The company is still planning to reach breakeven on the space division by 2004. the company had planned to wait until Monday to publish its financial results, but Spanish market regulators published the data on Friday.