P.M. BRIEFING : British Aerospace Profits Rise 48%
From Times wire services
LONDON —
British Aerospace today said its profits jumped by 48% in the first half of 1989, but the news did not prevent a fall in the London share price of the aircraft, missile and car manufacturer.
Industry analysts blamed the drop on a poor showing by the company’s weapons and electronics systems unit, which saw first-half profits fall to $74.4 million from $138 million. They also said almost a quarter of the company’s pretax profits resulted from a one-time gain from the reduction of its holding in Dutch truck maker DAF NV.
Profit at the new Rover car subsidiary, however, climbed 10%.
