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Rolls-Royce received $7.1 billion in losses in the first half of 2020

The British company Rolls-Royce (RR), which supplies engines for aircraft such as the Boeing 787 and Airbus A350, announced record losses in the first half of this year — £5.4 billion (over $7.1 billion) before taxes. This is evidenced by a report released on Thursday by RR, which is going through the largest production restructuring in its history.

Rolls-Royce confirmed on Wednesday the closure of two factories in the British counties of Nottinghamshire and Lancashire in connection with the intention to cut 3 thousand jobs in the UK. In total, RR plans to cut at least 9 thousand jobs worldwide, or more than 17% of the total number of employees, in order to adapt to the new realities of the aviation market in the period after the coronavirus pandemic and save ВЈ1.3 billion ($1.59 billion).

Its chief executive, Warren East, of the BBC Broadcasting Corporation, said that 4,500 people have already left Rolls-Royce this year. According to initial plans, the company was supposed to deliver up to 500 jet engines in 2020, but now it will produce only half of this number due to falling demand. According to Ist, demand for engines at the end of last year will recover no earlier than 2025.

Rolls-Royce is one of the largest aircraft engine manufacturers in the world. The company employs about 52 thousand people, of which 23 thousand are in the UK.

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