Airbus parent company reports higher profit as it prepares to change name

By The Associated Press

on July 31, 2013 at 3:06 AM, updated July 31, 2013 at 3:13 AM

PARIS — The parent company of European jet maker Airbus says its profit soared in the first half and it has announced a corporate shakeup to give new prominence to its civil aviation division.

European Aeronautic Defence and Space Co. is changing its name to Airbus Group next year, and is reshuffling its space and military units into one division, the company said Wednesday.

EADS said the changes will "enhance integration and cohesion" of the 13-year-old group formed from the French, German and Spanish aerospace companies.

In the first half, EADS reported net profit was up 31 percent to 759 million euros ($1 billion). The Airbus unit took in 722 net orders in the first half, up from 230 a year earlier.