PARIS -- French plane maker Dassault Aviation SA reported Thursday a steep decline in its 2011 operating profit due to a drop in deliveries of its Falcon business jets, and said that recovery of this key market for the company at a time of stressed military spending remains uncertain.
Operating profit fell 36% last year to EUR377 million on a 21% drop in revenue to EUR3.31 billion, giving an operating margin of 11.4%, down from 14% a year before. Profitability was hurt by a EUR70 million year-on-year increase in research and development spending.
Net profit increased by 10% to EUR407 million due to Dassault's 26% equity stake in French defense electronics company Thales SA (HO.FR). Excluding the dividend from Thales, Dassault's core net profit fell 29% to EUR282 million.
The company blamed the poor earnings performance on reduced deliveries of Falcon jets to 63 last year from a record 95 in 2010. The company said the recovery of the business jet market has begun, "but its evolution remains uncertain."
Order intake 36 FALCON compared to - 9 in 2010
MIRAGE 2000 upgrade contract in India
Deliveries 63 FALCON and 11 RAFALE compared to 95 FALCON and 11 RAFALE in 2010
Net sales EUR 3,305 million, down by 21%
Net income Excluding THALES, EUR 282 million , down by 29%
Including THALES *, EUR 407 million, up by 10%
Net margin Excluding THALES, 8.5% (- 0.9 point)
Including THALES *, 12.3% (+ 3.4 points)
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