Rolls-Royce makes £4bn loss as Covid hits air travel

Rolls-Royce makes £4bn loss as Covid hits air travel
  • Clock-gray 23:30
  • calendar-gray 11 March 2021

Aircraft-engine maker Rolls-Royce is reporting a plunge into the red as the collapse in air travel takes its toll, APA reports citing BBC.

Boss Warren East says 2020 had been "unprecedented", with the company making a loss of almost £4bn, after a £583m profit the year before.

The company makes most of its money servicing engines, and the Covid-driven fall in airline travel has slashed revenues.

The firm has cut jobs and raised cash from investors to bolster its finances, but expects to burn through another £2bn this year as it restructures its business.

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