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Brazil's Embraer sees profits tumble 69 percent in 2015

Xinhua, March 4, 2016 Adjust font size:

Brazilian aircraft producer Embraer said Thursday its net profit for 2015 was 241.6 million reais (63 million U.S. dollars), down 69.6 percent from a year ago.

In a press release, Embraer, the world third largest commercial aircraft maker after Boeing and Airbus, said its orders rose by 35.9 percent in 2015 year-on-year and this helped the company's EBITDA (earnings before interest, tax, depreciation and amortisation) reach 2.176 billion reais (572 million dollars) last year, 9.89 percent up from 2014.

The stark contrast in growth of net profit and the EBITDA is mainly because of the massive devaluation of the real against the U.S. dollar, according to the release.

The company forecasts better performance in 2016. It hopes to deliver between 105-110 commercial planes, 75-85 light executive jets and 40-50 heavy business jets by year end. Endi