SAO PAULO, BRAZILBrazilian aircraft manufacturer Embraer posted its first quarterly recurring profit in more than three years and took another step toward the development of the first brand-new turboprop aircraft after decades.

Turboprops are said to be more efficient on short-haul routes and are especially effective at times of higher oil prices. Embraer's new concept for the turboprop would feature engines installed at the rear of the aircraft, an unusual change from the conventional wing-mounted engines.

The South American airframer has been searching for a partner to develop a new turboprop that would compete with European manufacturer ATR, which dominates the market with its 50 to 70 seats models.

Embraer had previously intended to develop its turboprop under a partnership with Boeing that fell through early in the coronavirus pandemic.

Chief Financial Officer Antonio Carlos Garcia said on a call last week with analysts that Embraer is poised to post a stronger performance next year, and he is "very optimistic" about finding a partner for the turboprop.

Embraer, which had suspended guidance for its operations when the pandemic began, said it sees commercial deliveries at between 45 and 50 planes and executive aviation deliveries at 90 to 95.
(Via Reuters)