Thursday, November 6, 2014 11:42 am
Brazilian aircraft manufacturer Embraer, the world’s third largest, said Thursday it lost $10 billion in the third quarter because of a fall in the local currency.
Because of the fluctuation in the Brazilian real the company’s tax bill in the third quarter was much higher compared to the same period a year ago, the company said in a statement.
From the third quarter of 2013 to the quarter that just ended the real depreciated by 11 percent against the dollar.
In the third quarter of 2013 the company posted profits of 53 million dollars. That was down 19 percent from the same period a year earlier.
In the recent quarter the company also delivered fewer aircraft, it said.
Revenue in the third quarter of 2014 was down nearly four percent from a year ago to $1.24 billion.