British military equipment maker BAE Systems said Wednesday that first-half net profits sank almost a fifth on weak demand for Eurofighter Typhoon fighter jets.
Earnings after taxation slid 17 percent to �471 million ($618 million, 528 million euros) in the six months to the end of June, compared with �569 million a year earlier, BAE said in a results statement.
Sales meanwhile dropped almost seven percent to �8.8 billion "as a result of reduced Typhoon production activity", the group added.
The British company, which also makes Astute submarines, added however that its orders backlog increased to �39.7 billion, with a total of �9.7 billion of orders in the first half.
Eurofighter was developed by a European consortium that also comprises Italy's Leonardo (ex-Finmeccanica) and Franco-German civilian planemaker Airbus.
BAE Systems added Wednesday hat the group would have "good momentum in the second half and beyond" as a result of the British government's recently-unveiled combat air strategy.
Under the strategy, launched at the Farnborough Air Show last month, the UK government and the aerospace industry will jointly invest in next-generation combat air systems.
At Farnborough, Prime Minister Theresa May announced a �2.0-billion programme for a brand new fighter jet concept called Tempest.
The twin-engined Tempest aircraft will be operated manned or unmanned, and will boast cutting-edge features like laser-directed weapons and a virtual cockpit.
BAE is a member of the Team Tempest consortium alongside the UK government, Leonardo, European missile specialist MBDA and British engine maker Rolls-Royce.
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US releases $195 million in frozen military aid to Egypt
Washington (AFP) July 26, 2018
The Trump administration has decided to release $195 million in military aid to Egypt that was frozen last year because of human rights concerns, a State Department official said Thursday. "Recognizing steps Egypt has taken over the last year in response to specific US concerns... the administration has decided to allow Egypt to use the remaining $195 million," the official said, without describing those steps. The funds for Egypt, a key US ally, were withheld last year after the passage of a la ... read more
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