New York  - US aerospace giant Boeing reported Wednesday it lost almost 1.6 billion dollars in the third quarter of 2009 amid heavy costs related to production problems, with the company drastically lowering its 2009 profit target.

The figure - worse than industry analysts' expectations - compares with a profit of 695 million dollars in the same period last year.

The Chicago, Illinois-based company said the red ink came despite a 9 per cent rise in sales, to 16.7 billion dollars, in the quarter.

Boeing's business performance continues to be plagued by cost burdens from the super long-range Dreamliner 787 project, now running nearly three years behind schedule. The company is also beset by problems with the new cargo jet, the 747-8.

For the full year, Boeing said it now foresees a profit of just 1.35-1.55 dollars per share, as against the previous target projection of 4.7 to 5.0 dollars. Sales are still expected to finish in the 68-69 billion dollars range.(dpa)