Rolls-Royce reports rise in full-year profitsFebruary 14, 2013 - 16:12 AMT PanARMENIAN.Net - British aerospace company Rolls-Royce has reported a higher-than-expected rise in full-year profits, according to BBC News. Underlying pre-tax profit rose 24% to £1.4bn ($2.18bn; 1.63bn euros), led by a strong performance in its civil aerospace division. The world's second largest aero engine maker saw revenues grow 8% to £12.2bn. The company also appointed a new chairman, Ian Davis, who will succeed Sir Simon Robertson following the annual general meeting on May 2, 2013. Investec analyst Andrew Gollan said: "Rolls has delivered solid results, slightly ahead of our estimates and guided to another year of good growth in profits." It is maintaining its forecast that pre-tax profits will grow 20% in 2013. Rolls-Royce's order book rose 4% to £60.1bn thanks to strong demand for its Trent aircraft engines. The newly-certificated Trent XWB engine will power the Airbus A350, while its Trent 1000-TEN will power Boeing's 787 Dreamliner from 2016. Looking ahead, chief executive John Rishton said he expected "modest growth in underlying revenue and good growth in underlying profit" in 2013. He said the company would concentrate on making engines for the civil and defence aerospace markets as well as turbines for the marine and energy sectors. But Rolls-Royce is withdrawing from tidal power generation, following the sale of its business to Alstom in January 2013. The company also sold a 51% stake in its fuel cell business to LG. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenia, Turkey discuss restoration of historic bridge The meeting took place on May 17 in Ashgabat on the sidelines of an international conference of ministers of culture. EU welcomes Armenia-Azerbaijan “progress” The EU has welcomed “progress” made in the framework of the Armenia-Azerbaijan border delimitation process. Belarus opposition leader slams Lukashenko for Karabakh trip Belarusian opposition politician Sviatlana Tsikhanouskaya has harshly criticized the visit of Lukashenko to Karabakh. Mkhitaryan raises arrest of former Karabakh leaders in Azerbaijan Inter Milan star Henrikh Mkhitaryan has shared a news story about the extension of the arrest of former Karabakh leaders. |