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VIENNA, Oct 8 (Reuters) - Chinese-owned aeroplane parts maker FACC warned that its second-quarter earnings will fall short of market expectations due to higher-than-expected costs of developing new cabins, sending its shares down 10 percent in early trade.
The Austria-based group said it expected earnings before interest and tax (EBIT) of 8.7 million euros ($10 million) for the three months to August 31, down from 11.3 million euros a year earlier.
Market expectations had been around 11 million euros, a spokesman said.
The stock, which joined Austria’s blue chip index ATX in March, fell as much as 10.1 percent in early trade to its lowest since mid-July. The shares were down 8.7 percent at 17.50 euros at 0810 GMT.
“The development of new cabins has turned out to be more expensive than expected,” the spokesman said. “But this is a one-off effect. We do not change our full-year forecast.”
FACC, which has been providing interior fittings for Airbus planes for more than 15 years, also specialises in engines and aerostructures.
The company, which was acquired by a unit of China’s state-owned Aviation Industry Corporation of China in 2009, said it expects its 2018/19 operating profit to grow to between 52 and 55 million euros from 48 million in 2017/18.
FACC expects full-year sales to reach 760 to 770 million euros, up from 750.7 million last year. It is targeting sales of 1 billion euros in 2020/21.
FACC is scheduled to report its final Q2 results on October 15.
$1 = 0.8693 euros Reporting by Kirsti Knolle; editing by Jason Neely