Bombardier reports $317 million profit for 2007

Toronto: Canadian aerospace giant and world leader in high technology rail transit solutions, Bombardier, has reported a profit of $317 million for the full fiscal 2007, up $49 million, as compared with $268 million a year earlier.

A strong showing by its aerospace and rail equipment divisions, has allowed the company to report consolidated revenues of $17.5 billion, compared to $14.9 billion the last fiscal.

"Fiscal year 2008 has been excellent on all fronts, and we remain committed to improving long-term profitability, maintaining strong liquidity and further strengthening our capital structure in order to regain our investment-grade status," chairman and chief executive officer Laurent Beaudoin said during a conference call for analysts and media.

While the aerospace division showed a 17 per cent jump in revenue to $9.7 billion, the figures at the rail equipment division rose by 18 per cent to $7.8 billion. The rail equipment division is benefiting from huge contracts with India and China.

The Montreal-based company also reported a record profit of $218 million for the quarter ending 31 January.

The company said profit was up by $106 million from the previous year as during the quarter ending 31 January, its revenue rose from $4.42 billion to $5.27 billion.

Its net income stood at $317 million, compared to $268 million last year.