Boeing has seen its 2015 profit drop by five per cent to $5.17 billion as earnings from its Commercial Airplanes division fell by 20 per cent to $5.15 billion due to weakness in the cargo market.

Boeing saw profits for the year drop by five per cent from $5.4 billion in 2014 to $5.17 billion in 2015, with the fourth quarter proving particularly weak. In the fourth quarter, profits fell by 30 per cent from $1.4 billion in 2014 to $1 billion in 2015.

Commercial Airplanes revenue fell by four per cent in the fourth quarter to $16.1 billion though it was up by 10 per cent to $66 billion for 2015 as a whole. In the fourth quarter, profits fell by 64 per cent to $566 million.

Despite the weak end to the year, Boeing president and chief executive officer, Dennis Muilenburg remains optimistic saying: “With clear strategies and strong positions in our markets, a large and diverse order backlog worth nearly $500 billion, and multiple additional production rate increases planned yet this decade, we are well positioned for profitable growth and higher cash flow as we move into our second century of business.”

He has high hopes for 2016, saying: “Our priorities for 2016 and beyond are to build on our existing strengths to deliver on current plans and commitments, and to stretch beyond them by accelerating progress on key enterprise growth and productivity initiatives, investing in our team, and creating more value and opportunity for our customers, shareholders and employees.”