São Paulo – Embraer posted R$ 9.9 million (US$ 4.39 million) in losses in quarter two (Q2) this year due to the US dollar price hike. The company released its quarterly results this Friday (26th).
According to the company, the result was mostly due to the fact that the US dollar gained roughly 10% in value compared with the Brazilian real, which impacted on the company’s income tax accounting.
In Q2 2013, Embraer delivered 22 business jets and 29 executive jets. As a result, from April through June this year, Embraer posted a net income of R$ 3.239 billion (US$ 1.438 billion). The amount is down from Q2 2012’s R$ 3.380 billion (US$ 1,501 billion).
The company’s firm order backlog swelled to US$ 17.1 billion during the period. “It is an expressive 29% growth from late March figures,” said José Filippo, the company’s vice president for finance and investor relations, during a teleconference with the press.
Filippo said Embraer “is expecting deliveries to increase in the second half.” “We are working with projections of posting profit this year. This is our quarterly position,” he said of the loss incurred.
For the entire year of 2013, said the VP, the company is expecting a net income ranging from US$ 5.9 billion (R$ 13.27 billion) to US$ 6.4 billion (R$ 14.4 billion).
*Translated by Gabriel Pomerancblum
