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Airbus profits rise and expects stable revenue this year despite loss of order for A350 plan

European aerospace company Airbus says it expects its revenue to remain stable this year despite a big cancellation recently for some of its large A350 planes.

Airbus competes fiercely with Chicago-based Boeing Co. in the global market for large civilian aircraft. It took a hit in June when Emirates airline cancelled an order for 70 of the twin-aisle planes, opting for Boeing models instead.

Since then, however, Toulouse-based Airbus has announced a raft of new orders for its fuel-efficient A330neo.

In its earnings statement Wednesday, the company said revenue rose 7 percent in the second quarter from the previous year, to 14.6 billion euros ($19.5 billion). That helped boost its net income to 696 million euros from 531 million euros.

It expects deliveries to remain stable this year.