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Bombardier reports losses

Bombardier Inc. reported its fourth quarter profits fell by more than 40 percent year-on-year to $179 million—which is below market expectations. Its shares fell by more than two percent later.

The aircraft manufacturer stated the overall financial results for the fourth quarter, and it said that the company had a good year despite a difficult economic environment private jet industry.

The company said that it took the recession as an opportunity to “fine-tune the way we operate, in order to execute better and cut costs intelligently,” said Pierre Beaudoin, President and CEO.