(MENAFN- ProactiveInvestors - UK) Triumph Group (NYSE:TGI) profits slipped in the third quarter as an impairment charge hit heavily.
The less-than-triumphant results saw sales for the third quarter of 2016 at US$913mln with earnings of US$68.6mln or US$1.39 per share.
Triumph which designs and engineers control systems for the aerospace sector made a net loss for the third quarter US$88.6mln or US$1.80 per share including an impairment charge of US$$229.2mln.
Daniel J. Crowley president and chief executive said: 'For the third quarter fiscal year 2016 Triumph delivered strong year over year margin growth in both our Aerospace Systems Group and Aftermarket Services segments enabled in part by previously announced cost reduction initiatives.'
'Operating results however were impacted by a non-cash tradename impairment charge and costs related to legal settlements' he added.
He also noted that while Aerostructures revenues were impacted by reductions of programs and the delays in shipments the aerospace and defense market 'remains attractive'.
Shares were flat at US$30.37 on Thursday shortly after the bell rang.
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