Rolls-Royce annual net profit slumps 73%

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Rolls-Royce on Thursday said net profit slumped 73 percent to £480 million (564 million euros, $772 million) in 2010, partly due to costs linked to problems over the safety of its plane engines.

Rolls-Royce said the 2010 earnings figure compared with profit after tax of £1.799 billion in 2009, as the British company took a hit of £56 million due to problems with the Trent 900 engine used to power the Airbus A380 superjumbo.

© 2011 AFP

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