‘As Long as It Lasts’: Rolls Royce Says Can Weather Crisis Despite Record Loss
LONDON Rolls Royce has enough funding to weather the crisis in the aviation industry caused by the pandemic, its chief executive said on Thursday after the engine maker plunged to a record £4 billion ($5.6 billion) underlying loss for 2020.
The British company said its cash burn should halve this year, and turn positive in the second half as vaccinations kick in and travelers return to the skies.
“The worst is now well behind us,” CEO Warren East said.
But even if that proves optimistic, Rolls is well placed to cope with more turmoil after a drive to cut costs and raise funds, he added.
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Rolls-Royce has enough funding to weather the crisis in the aviation industry caused by the pandemic, its chief executive said on Thursday, after the engine maker plunged to a record 4 billion pound ($5.6 billion) underlying loss for 2020.
Rolls-Royce has enough funding to weather the crisis in the aviation industry caused by the pandemic, its chief executive said on Thursday, after the engine maker plunged to a record 4 billion.
British engine-maker Rolls-Royce plunged to a worse than expected 4 billion pound ($5.6 billion) loss in 2020 as the pandemic stopped airlines flying, but stuck to its forecast to burn through less cash this year.