Boeing posts record quarterly loss

Boeing recorded its largest-ever quarterly loss on Wednesday as the company continues to struggle with the grounding of its 737 MAX aircraft after it was involved in two deadly crashes.

Airliners were forced to ground the model in March after crashes in Ethiopia and Indonesia together killed 346 people less than half a year apart.

Boeing said the halt of new deliveries of the aircraft since then was part of the reason why revenues collapsed more than 35% in the second quarter.

Global airlines including Ryanair have reported decreasing revenues after they had to use spare aircraft, due to the delay.

Last week, the company said it would set aside nearly $5 billion to compensate airlines for canceled flights and delayed deliveries.

Aviation authorities have requested alterations to the model's software as a precondition for lifting the ban. Boeing said it aims to have the aircraft flying again in the fourth quarter.

"Disciplined development and testing is underway and we will submit the final software package to the FAA once we have satisfied all of their certification requirements," Boeing said.

The aerospace giant has also delayed production of a new Boeing aircraft, experts have said. The NMA jetliner was tipped to replace the 737 model.

jns/amp (AFP, Reuters)

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