Paris/Amsterdam - European aerospace giant EADS on Wednesday reported that its profits in the first half of 2008 had risen more than five-fold, to 403 million euros (635 million dollars), compared to the same period in 2007.

Turnover for the period stood at 19.74 billion euros, up by 7.5 per cent over the first half of last year, EADS said in a press statement.

Earnings before interest, taxes, depreciation, amortization and exceptionals (EBITDA) rose by 70 per cent, to 1.94 billion euros.

The results are good news for management of the company, which has suffered a number of setbacks through its subsidiary Airbus.

As a result of the losses generated by production lags in the Airbus A 380 superjumbo and the A 350 aircraft, EADS has gone through a management shake-up and is in the process of implementing a far-reaching cost-cutting programme, called Power 8.

In addition, a number of past and present EADS and Airbus executives are being investigated for insider trading of company shares.

Airbus revenues rose by 5.4 per cent, to 13.58 billion euros, EADS said. However, Airbus orders for the first half of this year declined by 32 per cent, to 41.07 billion euros, while orders for the entire EADS group fell by 27 per cent, to 51.2 billion euros.

Investors were not convinced by the results and bid EADS shares down by nearly 1 per cent, to 12.56 euros, in early trading on an otherwise upbeat Paris Bourse. (dpa)