British engine maker Rolls-Royce slumped into a record 4.0-billion annual net loss in 2016, ravaged by the Brexit-fuelled collapse in the pound and a corruption fine.
The loss after taxation, equivalent to $5.0 billion or 4.8 billion euros, contrasted with a slender net profit of 84 million in the previous financial year, the company said in a results statement — but stressed it made an underlying profit.
Rolls took a vast 4.4-billion hit from the drop in the value of the pound in the wake of Britain's shock EU exit referendum, alongside a 671-million penalty to settle bribery allegations.
The London-listed company, whose engines are used in Airbus and Boeing airplanes, added that underlying pre-tax profits almost halved to 813 million.
Rolls-Royce, which also makes power systems for use on land and at sea, stated it was on track with efforts to slash costs and expected a "modest" performance improvement in 2017.
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