UK automaker Rolls Royce said on Thursday that its operating profit had increased five times to 673 million pounds sterling ($853.6 million) between January and June compared with 125 million pounds sterling in profit earned in the same period last year
MOSCOW (Pakistan Point News / Sputnik - 03rd August, 2023) UK automaker Rolls Royce said on Thursday that its operating profit had increased five times to 673 million Pounds sterling ($853.6 million) between January and June compared with 125 million pounds sterling in profit earned in the same period last year.
"Underlying operating profit improved from �125m to �673m in the period," the company's half-year report read.
The company attributed its success mainly to higher profitability driven by its civil aerospace program, noting that Rolls Royce had significantly increased prices for servicing jet engines.
Rolls Royce's new CEO Tufan Erginbilgic, who undertook this position in January, said that the company should have raised those prices sooner.
"In a way, this company should have priced things in the right way rather than losing money on them," The Guardian quoted Erginbilgic as saying to a question whether such move would add to the inflation in the country.
The company's share price rose 3% in one day after the publishing of the report, The Guardian reported. In total, it has increased more than 80% over the year, the report said.
