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Rolls Royce's Profit Drops on Lower Demand From Airlines for A330

7/30/15 2:03 PM EDT
Rolls-Royce reported a 34% fall in half-year profits on Thursday tied to weaker demand for the Airbus A330ceo (current engine option). The company said lower demand for the Airbus A330ceo from airlines creates headwinds for Trent 700 engine deliveries for the second half of the year and 2016. The company also attributed the lower profits to weakness in its marine business. The company said weakness in offshore markets is expected to hold back full year 2015 and 2016 Marine performance. In a statement, chief executive officer Warren East said, 'Despite the disappointment of our recent update, our second half outlook remains positive and full-year guidance for revenue, profit and cash issued on July 6th remains unchanged. The continued growth in our order book demonstrates the long-term demand for our innovative products and services, and underpins my confidence in the fundamental strength of our business.' Rolls Royce reported that it secured its largest order ever to provide Trent 900 engines and service support to Emirates airline during the period. East said in the near term, the company is managing a transition to newer, more fuel-efficient engines like the Trent XWB, Trent 7000 and Trent 1000, while it attempts to mitigate the negative effects of offshore marine markets' weakness.
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