LONDON (AFP) – Rolls-Royce recorded a net loss in the first half of 2013 compared with a profit after tax one year earlier on changes to finance costs, the maker of aircraft engines said Thursday.
The company posted a loss after tax totalling ??358 million in the six months to June 30 compared with a net profit of ??1.2 billion in the first half of 2012, Rolls-Royce said in an earnings statement.
Underlying pre-tax profits however surged by a third to ??840 million, while revenues jumped 27 percent to ??7.3 billion for the company whose engines are powering the new Airbus A350 wide-bodied planes.
"While underlying profits were up 34 percent... it is clear we have a lot more to do on cost," Rolls-Royce chief executive John Rishton said in the statement, adding that the company was maintaining its full-year profit estimates.