Embraer profit nosedives 73%

Embattled Brazilian aerospace company Embraer (ERJ, quote) reported a net profit of BRL156.3 million ($85.7 million) for 2011, down 72.7% compared to the previous year. 

As for EBITDA, Embraer Рthe third planet in the universe of commercial aircraft assembly Рhad profits of BRL296.2 million ($162.5 million), which in turn represents a fall of 53%, said the company.

In the fourth quarter, the company recorded a loss of BRL171.6 million ($94 million), a decrease of 183% over the same period last year. In the third quarter, there was a loss of BRL200 thousand ($115 thousand at the time of the announcement).

According to ERJ, the operating result was “negatively impacted” by the cancellation of several applications by the company AMR – parent company of American Airlines, recently declared bankrupt – as well as several jets.

Embraer, which has 17,253 employees, is the third largest commercial aircraft manufacturer, behind giants Boeing (BA, quote) and European Airbus (EADSY, quote). 

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