Embraer reported first-quarter net income of $106.3 million under IFRS accounting standards, an almost-fourfold rise over a $27 million profit in the year-ago period. The company noted the improvement in part was owing to an income tax benefit of $2.6 million in the 2011 quarter compared to a tax liability of $50.1 million a year earlier. Revenue increased 6.4% to $1.06 billion and EBIT rose almost 33% to $94.3 million from $71 million. The Brazilian manufacturer delivered 20 commercial transports in the quarter, one fewer than in the 2010 period, comprising one E-170, two E-175s, 11 E-190s and six E-195s. It received orders for 44 E-Jets. It said the air transport industry "continued the 2010 positive trend with increased passenger demand and improved financials."
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