Rolls-Royce net profit down 73 percent

PanARMENIAN.Net - Rolls-Royce said net profit slumped 73 percent to 480 million pounds (564 million euros, $772 million) in 2010, partly due to costs linked to problems over the safety of its plane engines, according to AFP.

But the company posted a 4 percent rise in full-year profit, helped by solid growth at its civil aerospace and energy units and said it had paid most of the costs associated with last year's technical setbacks.

The world's second-largest maker of aero engines reported an underlying pretax profit of 955 million pounds on revenues 6 percent higher at 11.08 billion pounds for the year to the end of December 2010, Reuters reported.

In Armenia, Rolls-Royce automobiles are sold and serviced by Euromotors company.