Bombardier revenue falls by US$1.8B, but loss reduced by 82%
Losses related to troubled CSeries jets, public dispute over Toronto rail line and a WTO complaint over federal financial assistance.
MONTREAL — Bombardier Inc. says it had a US$981 million net loss last year.
That was an improvement over 2015, when the Montreal-based company’s full-year loss was more than five times bigger at US$5.34 billion.
Its full-year revenue – reported in US currency – fell by $1.8 billion from 2015 to $16.34 billion last year.
Bombardier Aerospace, which is the world’s third-biggest aircraft manufacturer, has been struggling to launch its new generation of commercial jets – the CSeries – after more than a decade of preparations.
Meanwhile, the Bombardier Transportation mass transit division has been embroiled in a highly public dispute over a contract for a new rail line being constructed through mid-town Toronto.
The company is also the focus of a recently filed complaint at the World Trade Organization, after Brazil and its largest aircraft manufacturer accused the Canadian and Quebec governments of providing unfair financial assistance to Bombardier.
For the fourth quarter ended Dec. 31, Bombardier had a net loss of $259 million. That compared with a much bigger net loss of $677 million in the fourth quarter of 2015.
Fourth-quarter revenue was down 12.7% to $4.38 billion from $5 billion a year earlier.News from © Canadian Press Enterprises Inc. 2016