BAE Systems counts cost of US defence cuts | Bangkok Post: news

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BAE Systems counts cost of US defence cuts

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BAE Systems shares tumbled on Thursday after the British defence group warned that earnings would shrink this year on cuts to government spending in its main market the United States.  

BAE Systems net profit slumped 82 percent last year owing to a huge one-off charge linked to a reduction in US government spending, the defence giant announced on Thursday

The shares dived 8.01 percent in late London deals, also after BAE said that 2013 net profit had slumped 82 percent owing to an impairment charge on its US business totalling pound sterling865 million ($1.441 billion, 1.052 billion euros).

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