Aircraft manufacturer Airbus has decided to reduce capital investments by around a quarter and take cost-saving measures that will, in fact, save the company.
From now on, only "critical and life-sustaining activities" will be carried out in the company, according to the interim report for the first quarter.
French Airbus is currently focusing almost entirely on cost-cutting measures during the pandemic crisis, which has become the worst ever for aviation, according to the report.
The manufacturer reported a halved profit with 15 percent lower sales for the first quarter with a cash flow that was negative by 8 billion euros, including a record fine to settle a bribery and corruption case in the UK, France and the US.
Airbus has withdrawn its guidance for the full year and has also suspended the dividend for 2019. Work during the quarter has also involved negotiations with creditors about several new loan facilities.
Source: Nyhetsbyrån Direkt
