Rolls-Royce reports jump in first-half profit led by civil aerospace By Reuters

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<span>© Reuters. FILE PHOTO: A BR700-725 jet engine is seen at the assembly line of the Rolls-Royce Germany plant in Dahlewitz near Berlin, Germany, February 28, 2023. REUTERS/Nadja Wohlleben/File Photo</span><br />
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<p>LONDON (Reuters) -Aero-engineer Rolls-Royce (OTC:) reported underlying operating profit of 673 million pounds ($855 million) in its first half, more than five times the level of a year ago, led by a large improvement in its civil aerospace margin.</p>
<p>The British company upgraded its full-year profit forecast last week to 1.2-1.4 billion pounds ($1.6-1.8 billion) from its previous guidance of 800 million-1 billion pounds. The market had been forecasting 934 million pounds.</p>
<p>Chief Executive Tufan Erginbilgic, who joined the company in January, said his transformation programme had started well, with progress already evident in the strong results and increased full-year guidance.</p>
<p>“Better profit and cash generation reflect greater productivity, efficiency, and improved commercial outcomes,” he said on Thursday. “We have tightly managed our cost base to offset inflationary cost pressures.”</p>
<p>Shares in Rolls, whose engines power Airbus A350 and Boeing (NYSE:) 787 long-haul jets, rose to the highest level since March 2020 after it updated its forecasts last week. </p>
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<br /><a href="https://www.investing.com/news/stock-market-news/rollsroyce-reports-jump-in-firsthalf-profit-led-by-civil-aerospace-3142860">Source link </a></p><p>The post <a href="https://forextraderhub.com/rolls-royce-reports-jump-in-first-half-profit-led-by-civil-aerospace-by-reuters.html">Rolls-Royce reports jump in first-half profit led by civil aerospace By Reuters</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>