SAO PAULO: Brazil's Embraer, the world's third largest commercial airplane manufacturer, on Thursday announced over $340 million in profits in 2010.
The company said in a statement that it had posted profits of 600.2 million reals, or $341 million according to the average 2010 exchange rate, with a total benefit for shareholders of 573.6 million reals, or $326 million.
During the past year the company delivered 101 commercial aircraft and 145 business aircraft, "exceeding annual delivery projections in all categories," it said.
In 2009 the firm delivered 244 aircraft and posted a profit of $498 million.
Embraer's net income in 2010 was $5.35 billion, with 54 percent coming from the commercial aircraft sector.
The firm said it was hurt by the devaluation of the US dollar against the real, but that 2010 brought "concrete signs of recovery" following the global economic crisis.
The aviation manufacturer expects a higher profit of $420 million this year and a net income of $5.6 billion.
With more than 17,000 employees, Embraer is the third largest airplane manufacturer behind global giants Boeing and Airbus.
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