The Canadian aerospace and transport equipment group Bombardier last night reported a sharp fall in first-quarter profits.
The company, which owns the aircraft manufacturer Bombardier Aerospace Belfast formerly known as Shorts, saw net income fall to $59 million from $143 million a year ago.
Last week, Bombardier sold Belfast City Airport to Ferrovial of Spain for $56.5 million. Negotiations to sell the company's defence services business were also continuing, the company said.
Earnings per share fell to five Canadian cents, down from 14 cents a year ago.
The company was hit by weak demand for business aircraft and the soaring Canadian dollar, which is up 15 per cent compared with a year ago.
The results were the first since Bombardier embarked on a major restructuring in which it is divesting non-core assets to focus on its aerospace and transportation equipment businesses.
Revenues at the aerospace division fell to $1.7 billion from $1.9 billion last year.
AFP