Bombardier fourth-quarter profit plunges 93%

Toronto: Plane and train maker Bombardier Inc reported a 93 per cent drop in fourth-quarter profit after taking a restructuring charge of $119 million.

The company’s net profit fell to $14 million, from $214 million a year earlier.

On an adjusted basis, net income fell to $188 million, or 10 cents per share, from $227 million, or 13 cents per share, a year earlier.

Revenue rose to $4.8 billion from $4.3 billion.

Bombardier said on Wednesday it won an order to sell up to 42 of its new C-series jetliners to Russian aircraft leasing company Ilyushin Finance Co in a deal that could be worth as much as $3.42 billion.

The company said on Thursday that the CSeries’ first flight would take place by the end of June.