São Paulo – The exchange rate has affected the Brazilian aircraft manufacturing company Embraer’s Q1 performance this year, causing it to report R$ 196 million (US$ 66.5 million) in losses. The company presented its Q1 results this Thursday (30th); aircraft deliveries also dropped.
Embraer delivered 32 units: 20 commercial jets and 12 business jets. In Q1 last year, 34 aircraft were delivered – 14 commercial jets and 20 business jets.
Embraer reported R$ 3.068 billion (US$ 1.042 billion) in revenues in Q1 this year, and R$ 2.928 billion (US$ 994.6 million) in Q1 2014. However, the R$ 241.9 million (US$ 82.1 million) profit from Q1 2014 did not repeat itself.
The company said it had higher income tax expenses due to exchange rate fluctuation. Despite the poor results, Embraer shares were up 4.09% and selling for R$ 23.44 (US$ 7.96) at the São Paulo Stock Exchange as of 1:16 pm this Thursday.
*Translated by Gabriel Pomerancblum
