Airbus Group reported net profit up 50 percent to EUR 1.14 billion in H1’14

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Airbus Group reported its net profit for the first half of 2014 increased by 50 percent to EUR 1.14 billion, the company reports.

Group revenues increased six percent to EUR 27.2 billion (H1 2013: EUR 25.7 billion), driven by Airbus Commercial Aircraft and Airbus Helicopters with flat revenues at Airbus Defence and Space.

Airbus’ revenues rose seven percent, reflecting the increase in deliveries to 303 aircraft (H1 2013: 295 deliveries) and a more favourable mix, including five additional A380s compared to a year earlier. Airbus Helicopters’ revenues rose eight percent as deliveries increased to 200 units (H1 2013: 190 units) including the NH90 ramp up.

The orderbook has remained basically flat from last year’s H1 at EUR 677.4 billion euro. In the first 6 months the company reported 705 net orders compared with 722 in H1’13.

Airbus said it added 415 net orders in July after a batch of contracts signed at Farnborough Air Show. Yet, according to Wall Street Journal, cancellations last month also pushed the total number of abandoned orders to 275 for the year from 225 the previous month.

According to WSJ as the publication quotes Airbus Chief Executive Tom Enders, the high pace of cancellations isn’t a sign of market weakness. Instead, they reflect Airbus’s transition from the A320 single-aisle jet, the backbone of its production, to a newer model, the A320neo, for “new engine options.”

Despite success at Farnborough Airshow, Airbus continued to lag its U.S. rival when taking into account cancellations, Reuters reports.

Boeing reported 837 gross orders and 783 net sales after cancellations between January 1 and July 29, handed over 342 aircraft between January and June and targets 715-725 deliveries in 2014.

Àirbus Group is a global leader in aeronautics, space and related services. In 2013, the Group – comprising Airbus, Airbus Defence and Space and Airbus Helicopters – generated revenues of EUR 57.6 billion