Investing.com - Financial Markets Worldwide
💙 🔷 Not impressed by Big Tech in Q3? Explore these Blue Chip Bargains insteadExplore for free

UPDATE 1-Bombardier posts quarterly loss, outlines Quebec investment in CSeries

Published 2015-10-29, 06:45 a/m
© Reuters. UPDATE 1-Bombardier posts quarterly loss, outlines Quebec investment in CSeries
BBDb
-

(Adds impairment charges, joint venture background)
Oct 29 (Reuters) - Canadian plane and train maker Bombardier
Inc BBDb.TO reported a huge quarterly loss on Thursday tied to
impairment charges, and it outlined a plan that will see the
Quebec government invest $1 billion in its long-delayed CSeries
jet program.
The company confirmed a Reuters report from Wednesday that
it plans to form a joint venture with the government of Quebec
to complete work on the long-awaited new jet that is billions of
dollars over budget.
The Quebec government will hold a 49.5 percent stake in a
limited partnership set up to complete the program.
"This move will also keep C Series operations here in Québec
for at least another 20 years," said Quebec's Minister of
Economy, Innovation and Exports, Jacques Daoust, in a separate
statement.
The company reported a third-quarter loss of $4.6 billion or
$2.20 a share. That compared with net income of $74 million or 3
cents a share, a year earlier.
The quarterly loss was tied largely to impairment charges on
the CSeries and its Learjet 85 program that is being
permanently mothballed, as Reuters had earlier reported.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.