Airbus' commercial aircraft division scraped positive earnings of just €6 million ($7.5 million) for the first quarter of 2010, as foreign exchange effects tore into its balance sheet.
The airframer, which posted a profit of €205 million in 2009, says the deterioration in foreign exchange had a negative impact of some €400 million.
But it also concedes that A380 production "continues to weigh significantly on the underlying performance".
Airbus delivered 122 commercial aircraft in the three months, a higher figure than last year, and generated revenues of just under €6 billion - an increase of 9.5%.
Three A320-family aircraft were delivered without revenue recognition, under operating lease.
Parent company EADS says Airbus achieved a "favourable mix" of long-haul and A320-family aircraft, adding that more than 80% of jets ordered in the quarter were A330s or A350s.
Consolidated revenues at Airbus, including its military division, amounted to €6.26 billion with earnings of €7 million.
EADS adds that the Airbus backlog benefited from "positive revaluation impact" of €22 billion owing to a strengthening of the US dollar since the year-end.