Jet maker Bombardier Inc said on Thursday it would cut about 1,600 jobs and reported an adjusted loss before interest and taxes for the fourth quarter, as the COVID-19 pandemic weighs down aircraft demand.
The Montreal-based company, which has become a pure-play business-jet maker after selling its rail division to French train maker Alstom SA, reported a 19.7% fall in business aircraft deliveries in 2020.
Bombardier, however, saw an uptick in orders in December 2020, as U.S. buyers rushed to take advantage of favorable tax rules they feared could change under President Joe Biden's administration.
The company reported an adjusted loss before interest, taxes of $165 million for the quarter ended Dec. 31, compared with a profit of $168 million a year earlier.
Business jet deliveries of the company, which will host its Investor Day on March 4, fell to 114 units in 2020 from 142 in the previous year.
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