EADS, Europe's largest aerospace company, said its first-half net profit more than doubled, driven by higher deliveries at its Airbus jet making unit and narrower losses in space.
The company, which has dual headquarters in Munich and Paris, also raised its forecast for full-year operating earnings to about EUR2.1 billion (USD$2.52 billion) from EUR1.93 billion (USD$2.32 billion) previously.
Net profit for the first six months of 2004 totalled EUR387 million (USD$465 million). Earnings before interest and taxes (EBIT) rose 66 percent to EUR985 million (USD$1.18 billion).
"These are excellent results," said Emmanuel Matot, an analyst at ETC. "We note with pleasure the increase in the group's targets. The outlook is strong."
The first-half gains were fuelled by a rise in operating earnings at Airbus, which is 80 percent owned by EADS but fully consolidated in its accounts.
Operating profit at Airbus totalled EUR982 million (USD$1.18 billion), compared with EUR621 million (USD$746.5 million) in 2003.
AIRBUS DELIVERIES
Airbus delivered 161 planes in the first half, 12 more than in the comparable period, and a greater proportion of more expensive, medium-distance and long-haul planes such as the A330 and A340.
Last year Airbus delivered more jets than US arch-rival Boeing for the first time in their 30-year rivalry.
