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Airbus Group takes 551M euro A400M charge

An Airbus A320 in manufacturer livery.
Source: Airbus

Europe's Airbus Group took a charge of 551 million euros ($618 million) due to latest delays on the A400M military transporter and adjusted civil production rates as it posted higher revenue and core profit on Friday.

The world's second-largest aerospace group after Boeing said operating earnings before one-off items rose 54 percent to 4 billion euros as revenue gained 5 percent to 60.7 billion. It reported positive free cashflow of 2 billion euros including 900 million from divestments.

It also announced a planned cut in production of its wide-body A330 aircraft to six a month and confirmed plans to increase narrowbody A320 production to 50 a month.