Company News

Bombardier quarterly core profit nearly halves

MONTREAL, Oct 31 (Reuters) - Canadian plane and train maker Bombardier Inc reported a 46.4% decline in quarterly core profit on Thursday, weighed down by higher costs as it spent more on stepping up production of its flagship Global 7500 business jets.

The Montreal-based company reported $143 million in earnings before interest and taxation (EBIT) for the quarter ended Sept. 30, compared with $267 million a year earlier.

Bombardier is in the middle of a broader restructuring, shedding underperforming commercial plane programs to focus on its more profitable business jet and rail units.

It faced a cash crunch in 2015 after investing heavily to bring two new planes to market. (Reporting By Allison Lampert in Montreal; Editing by Shinjini Ganguli)