Bombardier’s profits drops

Embattled transport OEM Bombardier Inc. posted a small second-quarter profit of US$23-million on revenues of US$3.9 billion for the second quarter ending July 31. This compared with a US$68-million profit on about the same amount of revenue for the same period last year.
Moody’s Investors Service Inc. has put the company’s credit rating under review for a possible downgrade. Several other credit rating agencies are not considering a downgrade, citing progress in the company’s restructuring plan. Bombardier’s passenger train manufacturing unit has returned to profitability after two consecutive quarters in the red, earning $US51 million before tax.