Airbus posts 11 percent drop in net profit for 2023

European aircraft manufacturer Airbus on Thursday posted an 11 percent drop in net profit to 3.8 billion euros ($4.1 billion) in 2023, with past charges related to its space business cutting into earnings.

The group, which delivered 735 aircraft last year despite problems in its supply chain, said it plans to deliver "around 800" in 2024.

And despite the space problems, the profit figure was the third biggest announced by Airbus after its 4.2 billion-euro bumper year in 2022.

"In 2023 we recorded strong order intake across all our businesses and we delivered on our commitments. This was a significant achievement given the complexity of the operating environment," said Airbus chief executive Guillaume Faury.

The group said it had received orders for 2,094 aircraft in 2023, beating a previous record dating back to 2013. Its A320 and long-haul A350 jets led the order list.

Group revenues increased by 11 percent to 65.4 billion euros, with commercial aircraft revenues increasing 15 percent.

Airbus Helicopters' deliveries were stable at 346 units, against 344 in 2022, with revenues rising four percent. Revenues at Airbus Defence and Space increased two percent,

But profits at the space division fell 40 percent to 229 million euros because of a one-off 600 million charge.

Facing stiff competition from US-rival SpaceX, Airbus has been hit by development delays and high costs for its geostationary satellites, according to a source following developments.

Space division head Jean-Marc Nasr is to be replaced from March 1.