Brazilian aircraft manufacturer Embraer on Tuesday reported a $121 million loss in the third quarter from the coronavirus pandemic that has affected demand for commercial and private aircraft.
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Revenue from commercial aircraft was the most affected, falling to $177 million from $408 million a year ago, Reuters reported.
The executive jet division, which some analysts believed would be a highlight because the rich would spend more to travel in isolation, also fell significantly. Executive jet revenue fell to $212 million from $363 million a year ago.
See also: Airbus delivers the first A220 assembled in the U.S. to Delta.
Its defense division, however, was able to increase its revenues with increased deliveries of military aircraft. Even so, this division of Embraer is still a smaller business segment than civil aircraft manufacturing.
The company said it consumed $567 million in cash during the quarter.
(Report by Marcelo Rochabrun; Edited in Spanish by Gabriela Donoso)
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