Washington — Canadian jet manufacturer Bombardier said on Thursday it would increase production of its business jet and forecast higher deliveries in 2022, after reporting a fourth-quarter profit.

Bombardier reported that its fourth quarter net income attributable to equity holders was $238 million or $0.09 per share compared to a loss $423 million or $0.18 per share in the same quarter last year.

Total revenues for the quarter declined to $1.77 billion from $2.34 billion in the previous year.

In the fourth quarter, the company had six fewer deliveries for a total 38 compared to 44 from the same period last year, mainly due to a more evenly distributed delivery profile on the Global 7500 throughout the rest of the year.

Resulting business jet revenues were down $0.5 billion to $1.7 billion.

For fiscal year 2022, the company expects revenues to increase versus 2021 to greater than $6.5 billion, based on a better aircraft delivery mix, secured through a largely sold-out 2022 production.

"Looking ahead, we are positioning ourselves to increase the number of deliveries by another 15-20% as soon as 2023, while maintaining a sharp focus on balancing longer-term production increases with the pricing environment," the company said in a statement.

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