Airbus posted an adjusted second-quarter operating loss of €1.226 billion ($1.44 billion) as revenues fell 55% to €8.317 billion.
Losses include €900 million of balance sheet impairment charges related to COVID 19 and Airbus said it could have to take further provisions of between €1.2 billion and €1.6 billion linked to the restructuring.
“The impact of the COVID-19 pandemic on our financials is now very visible in the second quarter, with H1 commercial aircraft deliveries halving compared to a year ago,” said Airbus chief executive Officer Guillaume Faury.
“We have calibrated the business to face the new market environment on an industrial basis and the supply chain is now working in line with the new plan. It is our ambition to not consume cash before M&A and customer financing in H2 2020. We face a difficult situation with uncertainty ahead, but with the decisions we have taken, we believe we are adequately positioned to navigate these challenging times in our industry.