Embraer reported 2008 net income of $388.7 million, a 21% drop from $489.3 million the previous year, citing losses on currency hedges as the value of the real fell and sagging sales owing to the global economic downturn. Full-year revenue rose 20.8% to $6.33 billion. Fourth-quarter profit plunged 44% to $111.6 million from $200.9 million a year ago and revenue for the quarter was down 3% to $1.81 billion. The Brazilian manufacturer announced last month that it would lay off 20% of its ...

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