UK Rolls-Royce business harmed by bad economic conditions
Date
10/19/2014 5:36:53 AM
(MENAFN) British engineer Rolls-Royce warned that worsening economic conditions would harm its profit and would not rise next year as previously forecasted, The Peninsula Qatar reported.
The downgrade was the second this year by the world's second-largest maker of aircraft engines after US group General Electric, paving the way for another year of sluggishness after a decade of strong growth.
Rolls-Royce said the market for its main aircraft engine business would strengthen, but customers in the oil and gas, mining, construction, industrial and agricultural sectors were cancelling or delaying orders.
"This is the second profit warning within eight months for Rolls. People don't like that, especially from a company that has given them the impression that they have highly visible revenues and earnings," an analyst said.
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