Bombardier posts US$981M loss for 2016
by The Canadian Press
The results for fiscal year 2016 were an improvement over 2015, when Bombardier's full-year loss was US$5.34 billion
Bombardier’s troubles continue with its transportation division embroiled in a public spat with Toronto and its CSeries jet being sold at a discount to woo airlines. PHOTO: By Geogast, via Wikimedia Commons
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 U.S. 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 or 12 cents per share. That compared with a much bigger net loss of $677 million or 31 cents per share in the fourth quarter of 2015.
Fourth-quarter revenue was down 12.7 per cent to $4.38 billion from $5 billion a year earlier.
