US plane manufacturer Boeing has posted their first annual loss in over two decades as the company lost $636m in 2019 down from $10.5bn the year before.
The grounding of the Boeing 737 MAX aircraft could see the cost pass $18bn, this includes $9.2bn added to charges for concessions to companies that have cancelled many MAX flights, Boeing said.
Boeing said this week that it could be July until the 737 MAX aircraft will be allowed to fly again.
Boeing president and chief executive officer David Calhoun said on Wednesday: “We recognise we have a lot of work to do.
“We are focused on returning the 737 MAX to service safely and restoring the long-standing trust that the Boeing brand represents with the flying public. We are committed to transparency and excellence in everything we do.
“Safety will underwrite every decision, every action and every step we take as we move forward.
“Fortunately, the strength of our overall Boeing portfolio of businesses provides the financial liquidity to follow a thorough and disciplined recovery process.”