spacetoday.net: EADS reports loss in space division

Posted: Fri, Jul 30, 2004, 2:16 PM ET (1816 GMT)
The European Aeronautic Defence and Space Company (EADS) reported a loss in its space division in the first half of 2003, but company officials believed the division's turnaround was still on course. The space division of EADS reported a loss of €11 million (US$13 million) in the first half of 2004 on revenues of €1.09 billion (US$1.31 billion). That loss was the same amount the company recorded in the first quarter, implying that the division broke even in the second quarter, although EADS did not supply a breakout of second quarter figures in its earnings release. The space division had reported a loss of €131 million (US$157 million) on €1.01 billion (US$1.21 billion) in the same quarter of 2003. The division, which is the prime contractor for the Ariane launch vehicle and owns the commercial satellite developer Astrium, credited restructuring as well as increased revenue from the Paradigm venture with the UK Ministry of Defence for the improved results.