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Reuters
a day ago
- Business
- Reuters
Shares in Rolls-Royce soar after engine fixes drive profit upgrade
LONDON, July 31 (Reuters) - British aero-engineer Rolls-Royce (RR.L), opens new tab raised its full-year profit and cash flow outlook on Thursday after improvements to its widebody jet engines drove strong first-half results, pushing its shares to an all-time high. The stocks were up 9.1% at 0915 GMT after jumping 11%, continuing a stellar performance since Tufan Erginbilgic joined as chief executive in 2023 promising to revamp the company whose engines power Airbus's widebody planes and some Boeing 787s. The stock is up 400% in the last two years. Erginbilgic said his transformation was delivering and there were "substantial growth prospects beyond the mid-term". "We are expanding the earnings and cash potential of Rolls-Royce despite the challenges of supply chain and tariffs," he told reporters. The company raised the top end of its operating profit guidance by 300 million pounds ($400 million) to 3.2 billion pounds and its free cash flow by 200 million pounds to 3.1 billion pounds. Rolls had improved the time its engines spend "on wing" - when they are in operation before needing major maintenance - Erginbilgic said. That helps drive profits, as Rolls makes money from its engines' flying hours. By increasing durability, Rolls is expecting to deliver a more than 80% improvement in time on wing for its Trent engines by 2027. Problems with the Trent 1000, which powers the 787, has caused disruption for British Airways, Virgin Atlantic and others. Rolls competes with General Electric's GEnx-1B on 787s. It said an improved blade certified in June would more than double the time on wing, although it cautioned that Trent 1000 shop visits would increase in the second half. After the upgrades, time on wing would increase to as much as six years, Erginbilgic said. "That makes the Trent 1000 a very, very competitive engine." Rolls' power systems business had grown by winning business from data centre and government customers, he said. The company's small modular reactor programme was selected last month by Britain to build three units. U.S President Trump said on Monday the technology was "interesting" when he met British Prime Minister Keir Starmer. Erginbilgic said the focus was on executing opportunities in Britain and the Czech Republic. "There is good demand on SMRs, even without the U.S.," he said. The company, which also has a defence business, reported underlying operating profit of 1.7 billion pounds for the first half, with an operating margin of 19.1%, up from 14.0%. ($1 = 0.7484 pounds)
Business Times
a day ago
- Business
- Business Times
Rolls-Royce raises profit and cash flow outlook after strong H1
[LONDON] British aero-engineer Rolls-Royce raised its full-year outlook for both operating profit and free cash flow on Thursday (Jul 31) after it navigated supply chain challenges and tariffs to deliver a strong first half. The company, whose engines power Airbus's widebody planes and some Boeing 787s, increased the top end of its operating profit guidance by £300 million (S$515.2 million) to £3.2 billion and its free cash flow by £200 million to £3.1 billion. Chief executive Tufan Erginbilgic, who has turned around Rolls-Royce since joining at the start of 2023, said his multi-year transformation was continuing to deliver. 'Our actions led to strong first half year results, despite the challenges of the supply chain and tariffs,' he said. He said Rolls had improved the time its engines spend 'on wing', that is powering planes before needing maintenance – a key demand from its airline customers – and had improved the profitability of its maintenance services. Its power systems business had also grown by winning business from data centre and government customers, he said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Shares in Rolls have soared since Erginbilgic joined, reaching a new all-time closing high of 1,010 pence earlier this month. They are up 74 per cent year-to-date against a 12 per cent rise in the FTSE 100. In its civil aerospace business, Rolls said it had renegotiated all of its original equipment contacts and its most onerous aftermarket contracts, boosting operating profit and cash flow in the mid-term. It is increasing the durability of its large engines to deliver a more than 80 per cent improvement in time-on-wing for its modern Trent engines by 2027. The company, which also has a defence business, reported underlying operating profit of £1.7 billion for the first half, against £1.1 billion a year earlier, with an operating margin of 19.1 per cent, up from 14.0 per cent. REUTERS
Observer
3 days ago
- Business
- Observer
Top firms bid for Musandam Airport construction works
Several local and international companies have submitted bids for the pre-qualification of contractors for the design and construction of enabling works to the Proposed Musandam Airport in the Wilayat Khasab in Musandam Governorate. Around 20 companies, including some prominent names in Oman's infrastructure development, submitted their bids before the deadline to do so on July 28. The final design of the proposed airport has been completed. The tender was floated by the Civil Aviation Authority (CAA). As per earlier reports, Musandam Airport is expected to be ready in 2028, and the project assumes significance due to operational challenges facing the current Khasab Airport, especially the possibility of operating services for 24 hours. The project will be divided into phases. The first stage will include a 45-metre-wide runway. A passenger building (to handle 250,000 passengers annually) will be constructed in addition to an air traffic control tower, runway (2,520 metres long and 45 metres wide), taxiways, a fire station, equipment repair shops, a marine rescue station, and parking lots for aircraft. There will be a new road 7-km leading to the airport. In the second phase, the runway will be expanded to 3,300 metres, capable of Airbus 330s, 350s, and Boeing 787s and 777s, in addition to increasing the number of taxiways and parking lots for aircraft, an aircraft isolation yard, and the terminal building (if required). It may be noted that CAA has plans for specialised companies for site selection studies, master plans, design, and supervision for the proposed development of Al Jabal Al Akhdhar, Masirah, and Suhar airports. The Civil Aviation Authority (CAA) has issued tenders for site selection studies, master plans, design, and supervision for the development of an airport in Masirah.
The Star
3 days ago
- Business
- The Star
Air India audit finds 51 safety lapses, from unapproved simulators to training gaps
The findings come as Air India faces renewed scrutiny after the deadly Boeing 787 crash in June. - Photo: Reuters NEW DELHI: India's aviation watchdog found 51 safety lapses at Air India in its July audit, including lack of adequate training for some pilots, use of unapproved simulators and a poor rostering system, according to a government report seen by Reuters. The annual audit was not related to the deadly Boeing 787 crash last month that killed 260 people in Ahmedabad, but its findings come as the airline faces renewed scrutiny after the accident. The Tata Group-owned airline is already facing warning notices for running planes without checking emergency equipment, not changing engine parts in time and forging records, along with other lapses related to crew fatigue management. The 11-page confidential audit report from the Directorate General of Civil Aviation (DGCA) noted seven "Level I" significant breaches which need to be fixed by July 30, and 44 other non-compliances classified which need to be resolved by August 23. Officials said they found "recurrent training gaps" for some unspecified Boeing 787 and 777 pilots, saying they had not completed their monitoring duties - where they don't fly but observe functioning of instruments in the cockpit - ahead of mandatory periodic evaluations. Air India's fleet includes 34 Boeing 787s and 23 Boeing 777s, according to Flightradar24 website. Flagging operational and safety risks, officials wrote in their report that Air India did not do "proper route assessments" for some so-called Category C airports - which may have challenging layouts or terrain - and conducted training for such airfields with simulators that did not meet qualification standards. "This may account to non-consideration of safety risks during approaches to challenging airports," the DGCA audit report said. In a statement to Reuters, Air India said it was "fully transparent" during the audit. It added it will "submit our response to the regulator within the stipulated time frame, along with the details of the corrective actions." A preliminary report into the June crash found that the fuel control switches were flipped almost simultaneously after takeoff and there was pilot confusion in the cockpit. One pilot asked the other why he cut off the fuel and the other responded that he hadn't done so, the report said. The DGCA has often flagged concerns about Air India pilots breaching the limits of their flight-duty periods, and the audit report said an AI-787 Milan-New Delhi flight last month exceeded the limit by 2 hours and 18 minutes, calling it a "Level I" non-compliance. The audit was conducted by 10 DGCA inspectors, and included another four auditors. It also criticised the airline's rostering system, which it said "doesn't give a hard alert" if a minimum number of crew members were not being deployed on a flight, adding that at least four international flights had flown with insufficient cabin crew. Tata acquired Air India from the government in 2022. While it has aggressively expanded its international network, it faces persistent complaints from passengers, who often take to social media to show soiled seats, broken armrests, non-operational entertainment systems and dirty cabin areas. Reuters reported last week that Air India's senior executives, including the airline's director of flight operations and its director of training, were sent notices on July 23 flagging 29 "systemic" lapses, pulling up the airline for ignoring "repeated" warnings. Air India has said it will respond to the regulator. The audit report noted that "door checks and equipment checks" showed inconsistency with procedures and there were gaps in training documentation. Further, it said no chief pilots were assigned for Airbus A320 and A350 fleet. "This results in a lack of accountability, and effective monitoring of flight operations for these aircraft types," the report said. Last year, authorities warned or fined airlines in 23 instances for safety violations, with 11 involving the Air India Group. The biggest fine was $127,000 on Air India for "insufficient oxygen on board" during some international flights. - Reuters
Straits Times
3 days ago
- Business
- Straits Times
Air India audit finds 51 safety lapses, from unapproved simulators to training gaps
Sign up now: Get ST's newsletters delivered to your inbox The findings come as Air India faces renewed scrutiny after the deadly Boeing 787 crash in June. NEW DELHI - India's aviation watchdog found 51 safety lapses at Air India in its July audit, including lack of adequate training for some pilots, use of unapproved simulators and a poor rostering system, according to a government report seen by Reuters. The annual audit was not related to the deadly Boeing 787 crash in June that killed 260 people in Ahmedabad, but its findings come as the airline faces renewed scrutiny after the accident. The Tata Group-owned airline is already facing warning notices for running planes without checking emergency equipment, not changing engine parts in time and forging records, along with other lapses related to crew fatigue management. The 11-page confidential audit report from the Directorate General of Civil Aviation (DGCA) noted seven 'Level I' significant breaches which need to be fixed by July 30, and 44 other non-compliances classified which need to be resolved by Aug 23. Officials said they found 'recurrent training gaps' for some unspecified Boeing 787 and 777 pilots, saying they had not completed their monitoring duties - where they don't fly but observe functioning of instruments in the cockpit - ahead of mandatory periodic evaluations. Air India's fleet includes 34 Boeing 787s and 23 Boeing 777s, according to Flightradar24 website. Flagging operational and safety risks, officials wrote in their report that Air India did not do 'proper route assessments' for some so-called Category C airports - which may have challenging layouts or terrain - and conducted training for such airfields with simulators that did not meet qualification standards. Top stories Swipe. Select. Stay informed. 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It added it will 'submit our response to the regulator within the stipulated time frame, along with the details of the corrective actions'. A preliminary report into the June crash found that the fuel control switches were flipped almost simultaneously after takeoff and there was pilot confusion in the cockpit. One pilot asked the other why he cut off the fuel and the other responded that he hadn't done so, the report said. The DGCA has often flagged concerns about Air India pilots breaching the limits of their flight-duty periods, and the audit report said an AI-787 Milan-New Delhi flight last month exceeded the limit by two hours and 18 minutes, calling it a 'Level I' non-compliance. The audit was conducted by 10 DGCA inspectors, and included another four auditors. It also criticised the airline's rostering system, which it said 'doesn't give a hard alert' if a minimum number of crew members were not being deployed on a flight, adding that at least four international flights had flown with insufficient cabin crew. Tata acquired Air India from the government in 2022. While it has aggressively expanded its international network, it faces persistent complaints from passengers, who often take to social media to show soiled seats, broken armrests, non-operational entertainment systems and dirty cabin areas. Reuters reported last week that Air India's senior executives, including the airline's director of flight operations and its director of training, were sent notices on July 23 flagging 29 'systemic' lapses, pulling up the airline for ignoring 'repeated' warnings. Air India has said it will respond to the regulator. The audit report noted that 'door checks and equipment checks' showed inconsistency with procedures and there were gaps in training documentation. Further, it said no chief pilots were assigned for Airbus A320 and A350 fleet. 'This results in a lack of accountability, and effective monitoring of flight operations for these aircraft types,' the report said. In 2024, authorities warned or fined airlines in 23 instances for safety violations, with 11 involving the Air India Group. The biggest fine was US$127,000 (S$163,460) on Air India for 'insufficient oxygen on board' during some international flights. REUTERS
