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Administration October 8, 2003
Rolls Cautions on Pension Gap
August 22, 2002 (PLANSPONSOR.com) - British aircraft
engine-maker Rolls-Royce PLC announced that the unfunded
portion of its pension fund may be as large as $1.5 billion
due to the slide in the world's equity markets.
Reported by Fred Schneyer
Company officials said its 2003 financial results could be significantly impacted by the ailing pension fund, according to a Reuters report.
Also in its public comments about its financial picture, Rolls-Royce said its first half 2002 net profit plummeted 81% to $25 million. First-half revenue was down 4.6% to $4.6 billion but the company ended the six months with firm orders worth $25.6 billion.
Rolls Royce no longer makes luxury cars. That brand is owned by Volkswagen.