Belfast Telegraph

Bombardier returns first profit after four years of heavy losses

Praise: Alain Bellemare
Praise: Alain Bellemare
Ryan McAleer

By Ryan McAleer

Bombardier's global operation bounced back from major losses in four previous years to turn a profit in 2018, new financial results have shown.

In a year in which the Canadian firm sold a majority share of its C-Series (renamed A220) commercial aircraft programme to Airbus, the strong performance of the company's business aircraft and aerostructures divisions helped offset losses in its commercial aircraft arm.

The plane-maker continues to manufacture the wings for the aircraft series at its operation in Belfast.

Last year the Canadian business's Northern Ireland division posted a £15m operating loss. That followed a £100m profit in 2016.

Globally, Bombardier Inc recorded an income of $318m (£247m) for 2018. That compared with annual losses in the previous four years that ranged from $525m (£408m) to $5.34bn (£4.12bn).

President Alain Bellemare welcomed "a year of solid progress".

"We continue to strengthen our business and set a strong foundation for growth," he said.

"As we begin the fourth year of our turnaround journey, Bombardier is a much stronger company. Our major program risks are retired, our heavy investment cycle is behind us and our franchises are well-positioned for growth.

"For 2019, we are focused on flawless execution of our rail projects, the ramp-up of the Global 7500 and entry into service of the Global 5500 and Global 6500.

"We will also continue to drive financial performance through disciplined capital allocation, improved productivity and efficiency across the organisation."

Belfast Telegraph