FACC : third-quarter core profit down 37% due to high manufacturing costs

Plane parts maker FACC said its third-quarter operating profit dropped 37% due to higher than expected start-up costs for new assembly lines and a gloomy market environment.

FACC reported earnings before interest and tax (EBIT) of 12.6 million euros (10.6 million pounds) on revenue of 223 million euros in the three months through end-November.

For the 2019 financial year, which was shortened to nine months as FACC will start to report per calendar year from 2020, it reported a profit margin of 5.2%, at the lower end of its forecast.

(Reporting by Kirsti Knolle, editing by Riham Alkousaa)