Canada’s Bombardier reported a 43 per cent increase in quarterly adjusted profit on Thursday, helped by a recovery in business aviation, as rising COVID-19 vaccinations encourage wealthy travellers to fly again.
Bombardier has emerged as a pure-play business jet maker after divesting assets, including its transportation business to Alstom in January, to pay down debt and boost earnings.
The corporate aircraft maker announced early results on Monday after contesting a bondholder’s claims that its recent sales of non-core assets breach the terms of certain notes.
Get daily National news
READ MORE: Bombardier expecting Q1 revenues to increase 18%; faces accusation from debt holder
Montreal-based Bombardier said it would seek bondholders’ consent to amend terms on eight bond issues.
Bombardier’s first-quarter adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose
to $123 million, in the first quarter ended March 31, from $86 million, a year earlier.
Deliveries of its flagship Global 7500 jets rose to eight aircraft in the quarter from six, a year earlier.
The company said it remains on track to deliver between 110 and 120 business aircraft in 2021.
- Deafblind Awareness Month celebrates community while raising awareness
- Four rescued from water near Vancouver airport, search ongoing for six others
- Canadian men assured of best World Cup finish after beating South Africa
- Swiss collector working with First Nations leaders to repatriate Indigenous artifacts
Bombardier’s full-year deliveries fell 20 per cent to 114 jets in 2020.
Comments
Want to discuss? Please read our Commenting Policy first.