Boeing reports $6.2 bn loss

NEW YORK, Oct 24 (AFP): Boeing reported a whopping $6.2 billion quarterly loss Wednesday as a nearly six-week labour strike weighed on its commercial plane division and costly problems dragged down its defense and space business.

The embattled aviation giant, which has been under scrutiny from regulators following safety problems, will learn later in the day if Seattle-area employees will accept the company's latest proposal, ending the bruising work stoppage.

The quarterly results had been telegraphed to the market on October 11, when newly installed Chief Executive Kelly Ortberg announced the company was cutting 10 percent of its workforce.

In a message to employees, Ortberg said a turnaround would require a "fundamental culture change" as well as steps to stabilize finances, improve operations and devise a future vision for Boeing that allows it to once again be an iconic company and aerospace leader.

The most pressing issue is ending the nearly six-week strike, Ortberg said.

Some 33,000 workers in the Seattle area voted Wednesday on Boeing's latest proposal, which includes a 35 percent pay rise over four years.

The vote is expected to be "tight," the head of the Seattle union said Tuesday.

"After the voting ends, the count will occur at each union hall," said the International Association of Machinists and Aerospace Workers (IAM), which plans to release results late Wednesday.

To strengthen liquidity, Boeing has announced plans to raise up to $15 billion in securities. Analysts have also said the company could divest some assets to raise cash.