Exchange-rate and aircraft-financing woes pushed Embraer's net income down by 87% in the second quarter, to just $4.9 million, on net revenues that slipped slightly from a year earlier to $567 million as aircraft deliveries dipped by two to 28. The manufacturer blamed an $85 million loss on dollar-to-real currency hedging and a $9.4 million net loss on bridge financing for aircraft sales because Brazil's BNDES bank was late in providing loans to customers. Defence sales more than tripled to $52.5 million.
Source: Flight International
