Rolls-Royce Gets Thrashed for Posting Its Biggest Ever Annual Loss
Not a good session for Rolls-Royce.
Rolls-Royce (RYCEY) stock dropped on Tuesday after it confirmed its biggest ever loss for the full year.
The airplane engine manufacturer recorded a pre-tax loss of £4.6 billion ($5.7 billion) for 2016 after booking a £671 million settlement for corruption claims.
Rolls-Royce shares were down 4.12% to change hands at 710 pence at 10:30GMT, sending it to the bottom London's FTSE 100. Shares have lost 0.8% in the past three months.
Underlying profit before tax was down 49% to £813 million, this was less than the £687 million expected by analysts.
