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EADS Say 2002 Profits will Be Unchanged

The 80 percent owner of Airbus says that it expects profits to be similar in 2002...

European Aeronautic, Defense & Space said that it still expects its 2002 profitability to be about the same as in 2001, and that spending on the planned 550-seat Airbus SAS A380 airliner will grow according to schedule.
The 80 percent owner of Airbus said 2002 margins on earnings before interest and taxes and excluding research and development costs will probably reach the same level as in 2001. German magazine Focus-Money had reported yesterday that EADS would cut profit forecasts at next week's earnings press conference.
?EADS expects a level of earnings before interest and tax, pre-research and development, in the same range as in 2001,? the company said in a statement ``The research and development expenditure for the A380 will increase as planned.?
EADS said in January it expects sales in 2002 will not rise as an airline-industry slump exacerbated by the September 11th hijackings hurts aircraft orders. Airbus, which accounts for more than two- thirds of EADS sales, has cut its forecast for deliveries this year to 300 planes from 375 as carriers delay or cancel orders.