BAE Systems interim profits boosted by US arm, Airbus
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LONDON : The British defence and aerospace giant BAE Systems posted an 18 percent rise in interim headline profits on the back of a strong performance in North America and by airplane maker Airbus.
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Robust demand for military equipment and technology led two arms makers to post higher quarterly profit yesterday, with Boeing reporting a 78 percent jump in earnings despite a decline in commercial airplane revenue.
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Defense contractor BAE Systems PLC reported a 28 percent gain in first-half net profit Wednesday, with a boost from its expanding operations in the United States.
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BAE Systems, the largest military contractor in Europe, said profit tripled last year as a result of expanded operations in the United States and the sale of its stake in the commercial airplane maker Airbus. BAE added that it expects continued strong growth this year, supported by increased military spending by the United States. BAE said profit last year rose to Â£1.64 billion ($3.2 billion) from Â£553 million in 2005. Revenue from continuing operations rose 9 percent, to Â£13.77 billion ($26.9 billion). The chief executive, Michael J. Turner, above, said BAE planned to use income from the sale of its stake in the European Aeronautic Defense and Space Company, the parent of Airbus, to make acquisitions.
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BAE Systems sees profits rise as sales of aircraft at Airbus, in which it owns a stake, increase in the first half of 2004.
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Airbus has received approval from its shareholders, EADS and BAE Systems to begin making firm commercial offers to launch customers for two new members of its wide-body Family.
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Lockheed Martin Corp , on Tuesday posted a third-quarter profit that beat Wall Street expectations, helped by higher sales of its jet fighters and electronic warfare systems, but it forecast profits for next year slightly below analysts' estimate.
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BOEING was given a significant lift in its battle for orders against Airbus, its European rival, yesterday when Japan Airlines (JAL) signed a deal for a fleet of its new 7E7 aircraft worth up to $6 billion (Â£3.1 billion).
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Defense contractor Northrop Grumman  Corp. NOC.N said on Wednesday quarterly profit rose 31  percent, helped by higher government spending on its electronic  systems and lower pension costs.
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BAE Systems PLC and Northrop Grumman Corp. won $45 million contracts yesterday to develop prototypes of anti-missile technology that could protect commercial aircraft from shoulder-fired missiles.
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Shares in BAE Systems PLC, Europe's largest defense contractor, rose Friday after a report that it is close to sealing a $40.4 billion) deal with Saudi Arabia for 20 Eurofighter Typhoon aircraft next week.
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British defense firm BAE Systems  won shareholders' backing on Wednesday to sell its stake in planemaker Airbus to EADS , which a day earlier said a fresh delay in the A380 superjumbo would hit earnings.
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Defence firm BAE Systems sees a sharp rise in profits after strong US growth, but makes no comment on corruption probes.
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British defence group BAE Systems has reported an interim profits surge but gave an insight into problems at Airbus, saying the European planemaker might have to ask shareholders for funds.
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BAE Systems will agree to sell its 20 percent stake in Airbus to the Franco-German aerospace firm EADS for 1.9 billion pounds (2.8 billion euros, 3.6 billion dollars).
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Lockheed Martin and Northrop Grumman see profits surge, helped by orders for the wars in Iraq and Afghanistan.
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LONDON, August 27 (New Ratings) - Airbus, jointly owned by the European aerospace giant, EADS (EAD.ETR), and UK-based BAE Systems, has reportedly received orders for six A380 planes and two long-range A340 jets from Thai Airways.