BAE Systems profits drop on defence cuts
- Published: 21 Feb 2013 at 19.43
- Online news: World
BAE Systems said on Thursday that crimped US defence budgets weighed on the group's profits in 2012 when it was hit also by the collapse of a mega-merger plan.
A British RAF aerobatics team in front of their BAe Hawk T1A aircraft in Crete in 2010. Defence manufacturer BAE Systems says crimped US defence budgets weighed on the group's profits in 2012 when it was hit also by the collapse of a mega-merger plan.
BAE said annual net profits dropped to pound sterling1.07 billion ($1.63 billion, 1.23 billion euros) last year, a 14-percent drop on 2011.
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