European aerospace group EADS reported a razor-thin profit for the first quarter after taking another charge to help struggling planemaker Airbus and vowed not to abandon its "inevitable" restructuring.
The group, whose profits slumped 94 percent last year on the back of a weak dollar and industrial problems at Airbus, posted net profit of 10 million euros in the first three months of the year, down from 522 million euros in the same quarter of 2006.
Unions are contesting Airbus's plans to cut 10,000 jobs and sell or spin off factories to save cash following a traumatic year of production delays to the A380 superjumbo.
EADS earnings before interest and tax (EBIT) in the quarter dropped to 89 million euros from 791 million a year ago, after a 688 million euro ($931.3 million) provision at the planemaker as part of its Power8 restructuring programme. Group sales dipped to 9 billion euros from 9.1 billion.
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