Despite $3.8B COVID Hit, Rolls-Royce Sees Gradual Recovery In Air Travel
Aero-engine manufacturer Rolls-Royce has taken a £3 billion ($3.8 billion) hit to its finances as a result of the novel coronavirus pandemic. Despite the hit, described by CEO Warren East as a “historic shock,” the company says it sees a “gradual recovery” in widebody engine hours. However, the market is only expected to recover to 70% of 2019 levels in 2021.