spacetoday.net: Space losses weigh down EADS

Posted: Fri, Nov 7, 2003, 8:11 AM ET (1311 GMT)
The space division of the European Aeronautic Defence and Space Company (EADS) reported continued losses as it continues to restructure. The space division of EADS reported a loss of €184 (US$210 million) through the first nine months of 2003, compared to a loss of €101 million (US$115 million) in the first nine months of 2002. Revenues were up slightly in the first nine months of 2003, €1.47 billion (US$1.68 billion) versus €1.39 billion (US$1.58 billion) for the same period of 2002. The company had also reported a loss of €131 million (US$149 million) through the first half of 2003. The space division reported the largest loss of any part of EADS, which also includes Airbus airliners and military aircraft: overall EADS reported earnings of €784 million (US$895 million) through the first nine months of 2003. The company blamed restructuring costs and contract provisions for the increased loss, but believes the division will break even next year. Space News reported Thursday that EADS is considering taking a majority stake in Arianespace when the launch services provider is recapitalized next year. EADS currently holds 27 percent of Arianespace.