Dassault: Profit Slump in 2009

18.03.2010 Aviation

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Dassault Aviation reported a 2009 net profit of 315 million euros ($433 million), down from 384 million euros the previous year, and announced at a March 17 press conference cancellations of 65 Falcon business jets due for delivery after 2014.
On the outlook for sales of corporate jets in the current year, Chief Executive Charles Edelstenne said, "We are still in the crisis."  He forecast a sales figure similar to that of 2009. "Profit would not be better, perhaps a little less good," he said.
The cancellation of Falcon jets, agreed with U.S. leasing company NetJets, were worth 3.85 billion euros, pushing new orders down to a minus net 1.32 billion euros compared to a positive 5.82 billion euros a year ago.
The corporate aircraft, which represented about 75 percent of orders for a year, would be reordered and delivered at a later date, when the market picks up.
Sales fell to 3.42 billion euros from 3.75 billion, and the net profit margin was 9.2 percent, before amortization of the purchase of the 26 percent stake in Thales taken last year.
Dassault expected to deliver 11 Rafale strike fighters to the French Forces this year, 3 fewer than the 14 shipped respectively in 2009 and 2008.

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