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Airbus reports 11% decrease in net profit amid challenges

European aviation giant Airbus announced on Thursday a decline in its net profit by 11% to 3.8 billion euros ($4.1 billion) for the year 2023, as revealed in its latest financial report.

The drop in profit was attributed to various charges associated with its space business, which impacted the overall earnings.

Despite facing hurdles within its supply chain, Airbus managed to deliver 735 aircraft throughout the previous year.

Looking ahead, the company aims to boost its performance, targeting the delivery of “around 800” aircraft in the year 2024.

Guillaume Faury, Airbus Chief Executive Officer said: “In 2023 we recorded strong order intake across all our businesses and we delivered on our commitments.

“This was a significant achievement given the complexity of the operating environment.

“We will continue to invest in our global industrial system, while progressing on our transformation and decarbonisation journey.

“Our dividend proposals are a reflection of the strong 2023 financials, our growth prospects in 2024 and balance sheet strength.”