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Brazil's Embraer posts doubling of profits in 2016
[RIO DE JANEIRO] Brazilian aircraft manufacturer Embraer posted 2016 profits of US$166.1 million on Thursday, more than double on the previous year.
In 2015, the annual profit was US$69.2 million.
The world's third-largest commercial plane-maker after Boeing and Airbus said fourth-quarter net profits were US$195.2 million. This compared with US$111.2 million in the last quarter of 2015 and reversed sliding profits earlier in the year.
Embraer forecast revenues of US$5.7 to US$6.1 billion this year on the back of expected deliveries of 97 to 102 commercial jets, and 105 to 125 executive jets.
Earnings before interest and taxes, known as Ebit, are projected at US$450 million to US$550 million in 2017, more than double of the 2016 Ebit of US$206 million.