BAE Systems says half-year profit drops 22%

28th July 2011, Comments 0 comments

Arms manufacturer BAE Systems on Thursday said net profits fell 22 percent to £478 million (544 million euros, $780 million) in the first half on falling sales.

The British group, posting earnings for the six months to June 30 compared with the first half of 2010, also unveiled plans to repurchase some of its shares at a cost of up to £500 million.

BAE Systems added that sales dropped 13 percent to £9.23 billion in the first half.

© 2011 AFP

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