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BAE profits fall, counts on government defence spend
by Staff Writers
London (AFP) Feb 22, 2018

BAE Systems, the British maker of military equipment, announced a drop in annual net profit on Thursday but said it expected government defence spending to remain a priority.

Profit after tax dropped 6.5 percent to �854 million ($1.19 billion, 967 million euros) in 2017 compared with a year earlier, with the group hit by a sizeable impairment linked to its cyber security unit, BAE said in an earnings statement.

Group revenue meanwhile grew 3.0 percent to �18.32 billion.

"With an improving outlook for defence budgets in a number of our markets, we are well placed to generate good returns for shareholders," said chief executive Charles Woodburn.

Late last year, BAE said it planned to axe 2,000 jobs, mainly owing to weaker demand for Hawk and Eurofighter Typhoon fighter jets.

On Thursday, BAE said that "defence and security remains a priority for the UK government".

BAE's share price was down 2.0 percent at 589.40 pence in early deals on London's benchmark FTSE 100 index, which was lower by one percent overall.

bcp/spm

BAE SYSTEMS


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MILPLEX
Russia's Kalashnikov becomes majority private-owned
Moscow (AFP) Feb 15, 2018
Private investors have for the first time gained a majority share of Russia's Kalashnikov arms manufacturer, producer of the famed AK-47 assault rifle, the company said Thursday. Russia's state-run holding company Rostec said in a statement it had reduced its stake from 51 percent to a blocking stake of 25 percent plus one share. It made the sale to Kalashnikov's general director Alexei Krivoruchko, who was already a shareholder in the Kalashnikov concern, and his company. The deal cost "a t ... read more

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