Posted AT 12:36 PM EST on 11/03/08
EADS 2007 loss worse than expected
PARIS — Steep losses at plane maker Airbus SAS pushed European aerospace group EADS NV further than expected into the red last year, hitting its shares as it also disappointed investors with a cautious profit forecast.
Chief executive officer Louis Gallois said the group was turning the corner after a slew of production delays, but faced a challenge from the relentless rise of the euro against the U.S. dollar, which sliced $1-billion (U.S.
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