spacetoday.net: EADS space division improving despite loss

EADS space division improving despite loss

Posted: Mon, Mar 8, 2004, 1:54 PM ET (1854 GMT)
The space division of the European Aeronautic Defense and Space Company (EADS) recorded a sharp loss in 2003, the company announced Monday, but saw its prospects for the future improve. EADS Space reported a loss of €400 million in 2003 compared to €268 million in 2002. However, nearly three-quarters of the loss, €288 million, came from a planned restructuring charge the company took in 2003, leading EADS to conclude that the operational performance of the division improved in 2003. The space division recorded revenues of €2.424 billion in 2003, compared to €2.216 billion in 2002, although in 2003 EADS owned 100 percent of satellite manufacturer Astrium, compared to 75 percent in 2002. The division would have actually had revenues of €2.617 billion in 2002 had it owned 100 percent of Astrium then.