A fresh charge of 200 million euros ($214.62 million) at its ailing Space unit muted the cheers of record aeroplane orders and higher deliveries, but Europe’s Airbus announced a special dividend on Thursday.

The largest commercial aircraft manufacturer in the world reported that core adjusted operating profit increased 4% to 5.8 billion euros while revenue increased 11% to 65.4 billion euros. Core profit was projected to reach 6.5 to 7.0 billion euros in 2024.

Airbus announced a special dividend of one euro per share in addition to the normal dividend of 1.8 euros per share, which remained unchanged. This was done because net cash exceeded the 10-billion-euro level that was previously thought to be a potential trigger for paying out cash to shareholders.

Airbus is benefiting from a surge in orders from airlines dealing with the pandemic’s comeback in travel demand, which is enabling it to accumulate financial reserves in contrast to its American rival Boeing, which is engulfed in debt following a string of misfortunes.

Airbus predicted that it would deliver about 800 aircraft in 2024, as was to be expected. However, it also revealed that the A321XLR single-aisle jet would now enter service in the third quarter rather than the second. In December, the first client aircraft went into final construction.

The company’s projections assume that the world economy and its tightly knit global supply chains don’t experience any further disruptions.

The charge for the Space sector puts the total amount written down in that segment to 600 million euros. This news was broken a day after Reuters revealed that Guillaume Faury, the CEO, had informed employees that such charges were “not acceptable” in the company.

According to a recent internal message from Faury, Space Systems chief Jean-Marc Nasr is quitting his job effective next month because “it is what it is,” as Reuters reported on Wednesday. Nasr was unavailable for comment.

The costs contributed to a 40% decline in divisional Defence and Space profits to 229 million euros, while helicopter profits increased by 15%.

European businesses like Airbus are up against a lot of competition from American launchers and a new wave of affordable satellites.

But in a message to employees last month, Faury stated that Airbus is better off having a strong Defence and Space division than not having one.

(Adapted from Investing.com)