Rolls-Royce profit drops on forex loss – Suppliers Share Wrap
A GBP1 billion loss on the fair value of currency contracts has pushed Rolls-Royce to a loss in 1H2010, despite a fair operational performance in 1H2010. The company reported an operating profit of GBP594 million, but losses before tax of GBP475 million, as a result of GBP1,069 in non-cash market-to-market financing losses. Excluding the exchange rate movements, Rolls-Royce reported a underlying profit of GBP465 million in the first half.
