Brazil's Embraer posts losses in 2011

Brazil's Embraer, the world's third largest manufacturer of commercial aircraft, saw its earnings drop by 72.7 percent in 2011 compared to the previous year, the company said. The company registered a net profit of 156.3 million reals ($85.8 million), as it delivered 105 commercial aircraft and 99 executive planes for a net income of 9.9 billion reals ($5.4 billion), it said Tuesday. In 2010, the firm had delivered 246 aircraft for a profit of $326 million. In the fourth quarter of 2011, the company saw a loss of 171.6 million reals ($94.2 million), down 182.5 percent from the same period the previous year.