Surprise new costs for the troubled Airbus A400M military jet sent the European plane maker's profits plunging last year and will weigh on the company's financial prospects in 2017, even as it forecast a rise in aircraft deliveries and demand. Airbus boss Tom Enders acknowledged that "the jury is still out on the long-term success" of the A400M, but insisted "it's absolutely necessary" to maintain it as long as European militaries depend on it. Airbus profits fell 63% in 2016 to 995 million euro (£839 million), from 2.7 billion euro the year before. The company reported 2.2 billion euro (£1.9bn) in charges on the A400M in 2016, including a new 1.2 billion-euro (£1bn) hit in the fourth quarter as it reassessed the overall cost of the programme.
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