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Embraer posts quarterly losses

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Staff writer |
Not very good quarter   Losses of R$ 24.3 million ($9.6 million)

The Brazilian aircraft manufacturing company Embraer posted losses of R$ 24.3 million ($9.6 million) in the third quarter.

According to the company's balance sheet for the period, revenues were down 3.9% from quarter three of last year, to R$ 2.827 billion ($1,127 billion).

In a press release, Embraer attributed the losses to higher tax-related spending due to exchange rate fluctuations. In turn, revenues declined as a consequence of less aircraft deliveries. In Q3, Embraer delivered 19 commercial jets and 15 executive ones. In Q3 2013, 19 commercial jets and 25 executive jets were delivered.

Year-to-date through September, however, revenues stood at R$ 9.684 billion ($3,861 billion), up 16% from the comparable period in 2013, and net income stood at R$ 554.2 million ($220.9 million). Year-to-date through September in 2013, Embraer's net income amounted to R$ 170.5 million ($67.9 million).

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