BERLIN, Oct. 29 (Xinhua) -- MTU Aero Engines generated revenues of 2.96 billion euros (3.45 billion U.S. dollars) in the first nine months of the year, 13.1 percent less than in the same period last year, the German aircraft engine manufacturer announced on Thursday.
MTU's commercial engine business was particularly affected amidst the COVID-19 crisis and recorded a "substantial drop" of 25.3 percent in revenues, according to the company.
"As expected, the downturn in the first nine months was highest in the spare parts business and in commercial series production," said Reiner Winkler, CEO of MTU Aero Engines.
However, the positive development of air traffic in China provided an "important impetus for recovery from the declines caused by the coronavirus pandemic," an MTU spokesperson told Xinhua. While passenger numbers in Latin America and Europe were only increasing hesitantly, China was on a "very good way" to reach pre-crisis levels.
Revenues in the military engine business also fell in the first nine months, albeit by only 8.4 percent, according to MTU. "In the military engine business, we started to see some catch-up effects in the third quarter. Traditionally, revenue is highest in the fourth quarter," said Winkler.
MTU's adjusted earnings before interest and taxes (EBIT) in the first nine months were down 44.3 percent to 310.8 million euros. In line with adjusted EBIT, adjusted net income in the first nine months also fell by 44 percent from 391.7 million euros to 219.2 million euros.
"Based on these results, we can now provide a more precise guidance for the full year," said Winkler. MTU expects annual revenues of between 4 and 4.2 billion euros, slightly down from the previous forecast. (1 euro = 1.17 U.S. dollars)