Rolls-Royce's civil aerospace division achieved 424 engine deliveries, including 103 Trents, over the first half, with "little recourse" to financing support from the manufacturer.
Engine deliveries were down, however, from the 462 in the first six months of 2008.
The division has posted a 5.5% fall in underlying profit, to £257 million ($423 million) on an 8.4% rise in underlying revenues to £2.28 billion.
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© Rolls-Royce103 Trent engines were delivered in the first half |
Revenues from new engine deliveries was up by more than 20% in the first half, while underlying service revenues stayed largely static.
The company says increased deliveries with long-term support agreements are helping offset a reduction in discretionary time and materials service activity.
Part of this reduction arises from aircraft being parked. But Rolls-Royce says its engines power only 148 of the additional 662 aircraft being parked in the past 18 months.
More than 80% of the parked fleet of some 2,500 aircraft, it says, are narrowbodies and regional jets, while Rolls-Royce has "limited exposure" to the parked widebodies such as McDonnell Douglas DC-10s, Lockheed L-1011s and older Boeing 747s.
Underlying profits for the full year are forecast to be lower than in 2008, as airframe delays and financing uncertainty persist. The manufacturer continues to expect engine deliveries to fall this year, but service revenues to stay stable.
Source: Commercial Aviation Online
