Airbus posts record profits in 2021

Airbus reported a record €4.2 billion ($4.8 billion) profit in 2021 despite the coronavirus pandemic

After massive loses in 2019 and 2020, European aircraft giant Airbus has shifted towards "recovery and growth" and made more money than expected last year. The company now aims to ramp up production, Qazet.az reports citing DW.

Airbus reported a record €4.2 billion ($4.8 billion) profit in 2021 despite the coronavirus pandemic.

The high earnings were due to the higher number of aircraft deliveries, good performance of the company's helicopter, defense and space subdivisions, as well as cost-cutting measures, said Airbus CEO Guillaume Faury on Thursday.

Last year "was a year of transition, where our attention shifted from navigating the pandemic towards recovery and growth," he said.

"Thanks to the resilience and efforts of our teams, customers and suppliers, we delivered remarkable full-year results."

Why had Airbus previously posted huge losses?
The 2021 earnings mark a strong comeback for the European airplane producer, which reported losses of €1.36 billion in 2019 and €1.1 billion in 2020.

The 2019 loses were due to the company paying out billions in fines over bribery investigations in the US, the UK, and France. Then, 2020 brought unprecedented disruption to the airplane industry as the coronavirus halted travel across the world. Airbus responded to the pandemic by cutting around 10,000 jobs.