EADS profit down on strong euro

Aerospace firm EADS NV FR:EAD -0.12% said Friday that its first-half net profit fell 41% to 109 million euros ($156 million), driven by accounting revaluations on foreign exchange as the euro strengthened. EADS, the parent of Airbus, said revenue for the period rose 8% to 21.94 billion pounds and earnings before interest and taxes grew 39% to 563 million euros. "Our results for the first half of 2011 mirror the strong demand in the commercial aviation sector. In terms of orders, Paris Air Show was record breaking for us, particularly thanks to the A320neo," said CEO Louis Gallois. The group said it still expects adjusted Ebit to remain stable in 2011 at around 1.3 billion euros, followed by a "significant improvement" in 2012, thanks to higher volumes and better pricing