European aerospace giant Airbus on Tuesday reported a slump in first-quarter net profit, hit by Germany's freeze on weapons exports to Saudi Arabia and its own decision to stop building the loss-making A380 super-jumbo.
It said profits were down 86 percent from the same period in 2018 at 40 million euros ($45 million).
It blamed "adjustments" including "a negative 190 million euros as a consequence of the prolonged suspension of defence export licences to Saudi Arabia by the German government".
Germany in late March extended by six months an embargo on weapons exports to Riyadh.
It had instituted the ban on arms sales to Saudi Arabia and other countries involved in the Yemen war last October in response to the murder of Saudi journalist Jamal Khashoggi at the Saudi consulate in Istanbul.
Airbus announced in February that it would stop building the A380, a double-decker jet which earned plaudits from passengers but failed to win over enough airlines to justify its massive costs.
Consolidated revenues increased 24 percent to 12.5 billion euros "reflecting the higher commercial aircraft deliveries as the production ramp-up continued", it said in a statement.
Earnings before interest (EBIT) were down nine percent at 181 million euros.
In the first quarter, Airbus recorded 62 gross commercial aircraft orders compared with 68 during the same period in 2018. These included 38 A350 XWBs, the latest of its large aircraft. Airbus said it plans to deliver between 880 and 890 commercial aircraft in 2019.
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