Bombardier, a global aerospace and transportation company which said that the company is having ‘a strong growth cycle’, has earned a 57 percent rise in its profits.
A climb in sales and profits resulted in Bombardier to have an ascend in its revenue before interest and tax for the entire 2017 had a climb from $427 million (£304 million) to $672 million.
While the company’s loss in commercial aircraft division went down from $417 million to $377 million, profits in the business aircraft division rose 13 percent. According to reports released in Montreal, the overall net loss has been more than halved.
Bombardier had heavy investments in two new aircraft programs for years that led the company towards bankruptcy in 2015. Now, the company Bombardier is in the middle of a five-year turnaround plan to cut costs and boost margins.
Bombardier had this major profit amidst a trade row between the US, the UK and Canada.
Alain Bellemare, President and Chief Executive at Bombardier who calls the 2017 profits as the company’s ‘very strong performance’ said: “Because of this solid performance, we begin 2018 with great momentum.
“Our operational transformation is in full motion; our growth programs – including the Global 7000 – are on track and we have a clear line of sight to our 2020 objectives.”