Yahoo Finance Brazil's Embraer posts losses during strike
Some 10,000 Embraer employees were on strike Thursday, as the Brazilian aircraft manufacturer announced losses of $10.7 million in the third quarter because of a drop in local currency.
The strike to demand better pay, which started a day earlier with just 2,000 workers, stopped all production at the company's plant in Sao Paulo.
Embraer employs around 13,000 people in its total workforce.
Because of the fluctuation in the Brazilian real the company's tax bill in the third quarter was much higher compared to the same period a year ago, the company said in a statement.
From the third quarter of 2013 to the quarter that just ended the real depreciated by 11 percent against the dollar.
The company also reported fewer deliveries of aircraft this quarter.
In the third quarter of 2013 the company posted profits of 53 million dollars. That was down 19 percent from the same period a year earlier.
