Airbus Q1 core profit down 52 pct, reaffirms targets

PARIS, April 27 (Reuters) - Europe’s Airbus on Thursday posted a 52 percent drop in first-quarter profit, weighed down by weaker prices for some jets as it changes over to new models and higher production costs, but reaffirmed targets for higher profits for the year.

The world’s second-largest planemaker after Boeing said adjusted operating profit fell to 240 million euros ($261.7 million), while revenues rose 7 percent to 12.988 billion euros.

Analysts were on average expecting adjusted operating income of 344 million euros, down 31 percent, and 5.5 percent higher revenues of 12.857 billion, according to a Reuters poll.

$1 = 0.9169 euros Reporting by Tim Hepher and Cyril Altmeyer; Editing by Sudip Kar-Gupta