engine maker rollsroyce logs record loss of £40bn
Last Updated : GMT 09:07:40
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 09:07:40
Egypt Today, egypt today

Engine maker Rolls-Royce logs record loss of £4.0bn

Egypt Today, egypt today

Egypt Today, egypt today Engine maker Rolls-Royce logs record loss of £4.0bn

British engine maker Rolls-Royce's 2016 results show a record £4.0-billion ($5.0-billion, 4.8-billion-euro) annual net loss
London - AFP

British engine maker Rolls-Royce slumped into a record £4.0-billion annual net loss in 2016, ravaged by the Brexit-fuelled collapse in the pound and a corruption fine.

The loss after taxation, equivalent to $5.0 billion or 4.8 billion euros, contrasted with a slender net profit of £84 million in the previous financial year, the company said in a results statement -- but stressed it made an underlying profit.

Rolls took a vast £4.4-billion hit from the drop in the value of the pound in the wake of Britain's shock EU exit referendum, alongside a £671-million penalty to settle bribery allegations.

The London-listed company, whose engines are used in Airbus and Boeing airplanes, added that underlying pre-tax profits almost halved to £813 million.

Rolls-Royce, which also makes power systems for use on land and at sea, stated it was on track with efforts to slash costs and expected a "modest" performance improvement in 2017.

"2016 has been an important year as we accelerated the transformation of Rolls-Royce," said Chief Executive Warren East, who has overseen a radical restructuring. 

"We have made operational progress and performed ahead of our expectations for the year as a whole.

"At the same time, we have delivered major changes to our management and processes and, while we have made good progress in our cost cutting and efficiency programmes, more needs to be done to ensure we drive sustainable margin improvements within the business."

The huge annual loss also follows a tough past few years for Rolls, which faced a string of profit warnings on the back of weak demand in its aerospace and marine markets.

The company was fined £671 million in January to settle bribery and corruption claims probed by Britain's Serious Fraud Office and authorities in Brazil and the United States.

Rolls will pay the penalty over five years but has taken the full cost as an impairment charge against its 2016 profits.

The pound has fallen by almost a fifth against the dollar since the Brexit referendum that was held on June 23.

source: AFP

egypttoday
egypttoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

engine maker rollsroyce logs record loss of £40bn engine maker rollsroyce logs record loss of £40bn



GMT 10:08 2018 Wednesday ,24 January

US Senate confirms Jerome Powell as next Fed chairman

GMT 07:32 2018 Tuesday ,23 January

Oil spill disasters in the past 50 years

GMT 14:45 2011 Friday ,30 September

Plutonium \'detected outside Fukushima plant\'

GMT 06:38 2011 Friday ,03 June

Cyber attacks constant

GMT 13:56 2018 Tuesday ,04 September

HRH Premier's keenness to promote social ties hailed

GMT 17:29 2013 Tuesday ,02 July

HEC pays an inspection visit to Ahlia University

GMT 10:35 2017 Thursday ,10 August

Victory Team ready for UIM F1H2O World Championship

GMT 11:38 2017 Thursday ,10 August

Fujairah Crown Prince opens Jiu Jitsu Championship

GMT 13:46 2011 Thursday ,16 June

Flavoured milk off the menu in schools

GMT 16:01 2014 Monday ,06 January

Hilton continues growth in UAE

GMT 14:44 2011 Sunday ,12 June

Hundreds of schools face blacklisting

GMT 09:16 2011 Friday ,15 July

Google going social as profit soars

GMT 11:49 2011 Thursday ,13 October

Abou-Treika joins Ahly trainings for Haras clash

GMT 08:57 2015 Friday ,12 June

Trio share St Jude lead

GMT 00:48 2011 Sunday ,08 May

West Ham rooted to bottom of Premiership

GMT 23:09 2011 Tuesday ,10 May

De Jong backs Man City to beat Spurs

GMT 06:53 2011 Saturday ,21 May

UN Chief to visit Nigeria next week

GMT 11:57 2017 Monday ,27 February

Meet Malaysia's first family of skiing

GMT 19:04 2017 Saturday ,25 March

Malaysia's February CPI Up 4.5 Per Cent

GMT 14:16 2013 Sunday ,30 June

Top advice on making him care

GMT 09:52 2013 Friday ,19 April

Actress shaves her locks for cancer-patient role
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday