En­gine maker Rolls-Royce Logs Record £4-B Loss

The Economic Times - - Around The World -

Lon­don: Bri­tish en­gine maker Rolls-Royce slumped into a record £4-bil­lion an­nual net loss in 2016, rav­aged by a Brexit-fu­elled col­lapse in the pound and a cor­rup­tion fine. The loss af­ter tax, equiv­a­lent to $5.0 bil­lion, con­trasted with a slen­der profit of £84 mil­lion pounds in the 2015, the com­pany said in a re­sults state­ment. 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 air­craft, added that un­der­ly­ing pre-tax prof­its al­most halved to £813 mil­lion. AFP

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