EADS Q1 profit dives 40 percent

PARIS: EADS, the parent company of Airbus, said yesterday that first quarter profit fell 40 percent as the plane maker delivered fewer jets and took a 120 million euro charge for its troubled A400M military transport plane.

European Aeronautics Defense and Space Co said net profit in the January-to-March quarter fell to 170 million euros ($230.76 million) from 285 million euros a year ago - lower than analysts' expectations.

Revenue fell 14 percent to 8.5 billion in the quarter from 9.9 billion euros in the same period last year.