S\u00e3o Paulo \u2013Brazilian aircraft manufacturing company Embraer obtained record-high revenues from sales in Brazil this year. The company should post a domestic market sales result of US$ 500 million, representing a 10% share of total revenues, as against 4% last year. The information was disclosed today (9th) by the CEO of the company, Frederico Fleury Curado, in S\u00e3o Paulo.<\/p>\n
\u201cBrazil is running contrary to the world, in a good way, with regard to growth. The country was able to recover well from the crisis and is going to grow well next year. Embraer reflected that growth, even though the domestic market is still quite small for us,\u201d the executive told ANBA.<\/p>\n
According to him, deals closed in Brazil include aircraft sales for domestic companies Azul and Trip, plus 10 to 15 Phenom 100 executive jets, the delivery of two aircraft for the president\u2019s cabinet and two large Defence contracts.<\/p>\n
\u201cOur expectation for 2010 is for the Brazilian market to continue growing,\u201d said Curado. According to him, if the GDP growth next year is from 5% to 6%, as forecasted, then air transportation should grow from 8% to 10%. \u201cThese are very important rates,\u201d he added.<\/p>\n
The CEO also expects that the growth of the Brazilian aviation market may place the country among the sector leaders worldwide.<\/p>\n
Regarding the company\u2019s balance sheet, Curado stated that 2009 was a very difficult and \u201cchallenging\u201d year, especially because of the strong foreign market retraction. \u201cEmbraer is ending the year with a solid balance sheet, despite the hardships,\u201d he said. The company started the year by dismissing approximately 4,000 employees.<\/p>\n
According to him, 2010 will be "as hard or even harder" than 2009, but the executive guaranteed that there will be no cost reduction at the company and no reduction of investment in technology. Investment should be maintained at US$ 350 million.<\/p>\n
In late October, Embraer informed that it estimated a 10% reduction in revenues in 2010, taking into consideration the estimate of US$ 5.5 billion for this year. According to Curado, the forecast still applies. Furthermore, the executive informed that roughly 60% of commercial aircraft deliveries by the company next year should be funded by the Brazilian Development Bank (BNDES) and by the Export Guarantee Fund (FGE).<\/p>\n
*Translated by Gabriel Pomerancblum<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"
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