Rolls-Royce sees half-year profits fall

GMT 11:30 2015 Thursday ,30 July

Arab Today, arab today Rolls-Royce sees half-year profits fall

Rolls Royce's Mechanical Testing Operations Centre
London - AFP

British engine maker Rolls-Royce reported a fall in half-year profits Thursday amid weaker demand for the Airbus A330 from airlines and sluggishness in its marine business.

Profits were down 34 percent to £360 million (509 million euros, $562 million) in the six months to the end of June.

"In the near term, we are managing a significant transition from mature engines to newer, more fuel efficient ones," said chief executive Warren East, who was appointed earlier this year.

"At the same time, we are taking appropriate actions to mitigate the effects of weakness in our offshore marine markets."

The group has forecast it will continue to struggle in the second half of this year and next year due to weaker demand for the Airbus 330 from airlines, for which it manufactures Trent 700 engines.

Just after 1000 GMT, the company's share price was up 2.12 percent to 746 pence on London's FTSE 100.

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