Company News

FACC Q3 operating profit up 8 pct due to solid demand from planemakers

VIENNA, Jan 17 (Reuters) - Austria-based aeroplane parts maker FACC reported a 7.8 percent increase in third-quarter operating profit, helped by strong demand for components it produces for Airbus, Boeing and Bombardier.

The Chinese-owned group reported adjusted earnings before interest and tax (EBIT) of 17.1 million euros ($19.47 million) for the three months to Nov.r 30, up from 15.9 million last year. Revenues in the period increased 5.3 percent to 216.2 million euros, it said in Thursday.

The company, which was acquired by a unit of China’s state-owned Aviation Industry Corporation of China in 2009, still expects full-year operating profit to grow to between 52 and 55 million euros from 48 million in 2017/18.

It confirmed its full-year sales target of 760 to 770 million euros, up from 750.7 million last year.

FACC makes components for wings, tail assemblies and fuselages as well as engines and cabin interiors for the world’s leading planemakers and is working on expanding in the services business, which it says is a $65 billion market. ($1 = 0.8781 euros) (Reporting by Kirsti Knolle; Editing by Kim Coghill)