BAE Systems’ annual net profit fell due to coronavirus disruptions in the first half of the year, the British military equipment maker said Thursday.
Profit after tax sank 12% to almost 1.3 billion pounds ($1.8 billion) last year, down from 1.5 billion pounds in 2019, BAE said in a statement.
Sales and operating profit, however, both increased, it added.
"BAE Systems delivered a strong and resilient set of results in the face of a global pandemic, with higher year-on-year orders, sales, profit and free cash flow," the company said in an earnings release.
"Pandemic-related disruptions did impact profit in the first half of the year but the second half was stronger."
Operating profit increased 1.6% to 1.9 billion pounds.
Sales rose 4.0% to 20.9 billion pounds, with a broadly similar gain forecast for 2021.
"Thanks to the outstanding efforts of our employees and close cooperation with our customers, suppliers and trades unions, we have delivered a strong set of results against a challenging backdrop of the global pandemic," chief executive Charles Woodburn said.
"Throughout 2020, we focused on keeping our people safe and supporting our communities, whilst continuing to deliver for our customers."
