Airbus reports 2019 net loss of 1.36 bn euros in 2019 after being hit by a 3.6-billion-euro fine over a bribery scandal and extra development costs for the A400M transport aircraft. But the company pledged higher jet deliveries and operating profit this year.

The company said its operating profits rose 19 per cent to 6.9 billion euros (USD 7.5 billion), adding that it expected to deliver about 880 commercial planes in 2020 against 863 in 2019.

“We achieved a great deal in 2019. We delivered a strong underlying financial performance driven mainly by our commercial aircraft deliveries,” said Airbus Chief Executive Officer Guillaume Faury.

“The reported earnings also reflect the final agreements with the authorities resolving the compliance investigations and a charge related to revised export assumptions for the A400M.”

The aerospace giant was hit by 3.6 billion euros in fines related to a corruption probe settlement. The loss included “a negative impact from the financial result, mainly driven by the revaluation of financial instruments,” the company said.

The company said commercial aircraft orders increased to 768 last year from 747 in 2018.

(With input from agencies)