{"id":199419,"date":"2021-03-11T11:51:49","date_gmt":"2021-03-11T08:51:49","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/rolls-royce-losses-double-to-3-2bn-in-2020-pandemic\/"},"modified":"2021-03-11T11:51:49","modified_gmt":"2021-03-11T08:51:49","slug":"rolls-royce-losses-double-to-3-2bn-in-2020-pandemic","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/rolls-royce-losses-double-to-3-2bn-in-2020-pandemic\/","title":{"rendered":"#Rolls-Royce losses double to \u00a33.2bn in 2020 pandemic"},"content":{"rendered":"

“#Rolls-Royce losses double to \u00a33.2bn in 2020 pandemic<\/strong>”<\/p>\n

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\"The
\n The company saved more than \u00a31.0 billion in costs last year, including via the loss of 7,000 jobs in a restructuring drive that seeks to shed “at least” 9,000 roles by the end of 2022.
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British aircraft engine maker Rolls-Royce said Thursday that net losses more than doubled last year to \u00a33.2 billion, hit by the coronavirus pandemic which forced thousands of company layoffs.<\/p>\n

The loss after tax, equivalent to $4.4 billion or 3.7 billion euros, compared with a loss of \u00a31.3 billion in 2019, the company said.<\/p>\n

Revenues tanked almost 29 percent to about \u00a311.8 billion, with civil aviation hit the hardest by coronavirus.<\/p>\n

The deadly COVID-19 pandemic had a a “severe impact” on the group’s 2020 performance and its near-term outlook, Rolls-Royce said in a results statement.<\/p>\n

The aviation sector was slammed last year as the contagion grounded aircraft worldwide and sparked a crisis in air transport.<\/p>\n

The company saved more than \u00a31.0 billion in costs last year, including via the loss of 7,000 jobs in a restructuring drive that seeks to shed “at least” 9,000 roles by the end of 2022.<\/p>\n

Rolls, which operates in the air, defence and energy sectors, has slashed jobs and costs as it seeks to navigate damaging fallout from the health emergency.<\/p>\n

“2020 was an unprecedented year,” said Chief Executive Warren East.<\/p>\n

“The impact of the COVID-19 pandemic on the group was felt most acutely by our civil aerospace business.<\/p>\n

“In response, we took immedia<\/a>te actions to address our cost base, launching the largest restructuring in our recent history, consolidating our global manufacturing footprint and delivering significant cost reduction measures.”<\/p>\n

East added that the group had also taken “decisive actions” to enhance its finances and improve operational efficiency.<\/p>\n

He noted that this resulted “in a regrettable, but unfortunately very necessary, reduction in the size of our workforce”.<\/p>\n

The group meanwhile secured extra liquidity via a rights issue, bonds, and further credit facilities last year, while it embarked upon key asset disposals.<\/p>\n

“We have made a good start on our programme of disposals and will continue with this in 2021,” East said.\n <\/p>\n\n

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Aerospace giant Rolls-Royce logs \u00a35.4 bn H1 loss on virus\n <\/p><\/div>\n

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\n \u00a9 2021 AFP<\/p>\n

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Citation<\/strong>:
\n Rolls-Royce losses double to \u00a33.2bn in 2020 pandemic (2021, March 11)
\n retrieved 11 March 2021
\n from https:\/\/techxplore.com\/news<\/a>\/2021-03-rolls-royce-losses-32bn-pandemic.html<\/p>\n

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