EADS reports £10.5m loss

Airbus owner EADS reported a first quarter net loss of €12m (£10.5m).

The European aerospace and defence giant’s loss comes after a €103m profit last year.

EADS expects to deliver 530 commercial aircraft in 2011 which the company said will boost its figures, the company said.

Chief executive Louis Gallois, said: “Our first quarter financial results reflect a good start to 2011.

“The acquisition of Vector Aerospace in Canada is a major step forward in expanding our services offering,” he added.

They should have higher full year revenue than 2010, by the end of this 2011.