Source AP ©

Rolls-Royce Group's profit halves

Rolls-Royce Group PLC, the world's second largest maker of aircraft engines, reported Thursday that net profit fell by more than half in the six months ending June 30.

The company reported net profit of 306 million pounds (EUR 457 million; US$629 million), down 50.6 percent from 619 million pounds in the same period last year.

Rolls-Royce said its order book grew by 9 billion pounds (EUR 13.4 billion; US$18.5 billion) in the first half to 35.1 billion pounds (EUR 52.4 billion US$72.2 billion).

Revenue was up 6 percent to 3.6 billion pounds (EUR 5.4 billion; US$7.4 billion).

Underlying pretax profit, a measure which excludes certain financial items and is closely watched by analysts, rose 17 percent to 380 million pounds (EUR 567 million US$781 million), above the market consensus of 14 percent.

Rolls-Royce shares were up 0.85 percent to 535 pence (EUR 7.99 US$11.00) on the London Stock Exchange.