News
Rolls-Royce suffers from engine MRO losses
March 12th 2021
Engine maker Rolls-Royce overnight reported a net loss of £3.2 billion (US$4.5 billion) for calendar 2020, a deterioration from a net loss of £1.3 billion a year ago. Read More » Revenue fell 28.7%, to £11.8 billion, Rolls-Royce said when filing to the London Stock Exchange (LSE). The near-term outlook was "uncertain and highly sensitive to the developments of the COVID-19 virus and the related measures taken by governments around the world", it said. Rolls-Royce aims to raise £2 billion through the sale or disposal of assets by early 2022. "We have made a good start on our programme of disposals and will continue with this in 2021," Rolls-Royce CEO, Warren East, said. "We continue to invest in developing market-leading technology and low carbon opportunities in all our end markets to create value for our stakeholders and ensure we are well positioned to take advantage of the transition to a lower carbon economy and growing demand for more sustainable power solutions."
