Rolls-Royce to ditch profit, delivery targets, suspend dividend: Report

In March, engine flying hours were down by about 40%, the newspaper said, citing a source. The company is paid by airlines based on how many hours its engines fly.

British aero-engine maker Rolls-Royce will abandon its targets on profits, cash and deliveries, and suspend its dividend, as airlines around the world ground planes due to the coronavirus outbreak, the Financial Times reported late on Sunday.

Rolls-Royce is also aiming to announce new credit facilities in excess of 1 billion pounds ($ 1.22 billion) to bolster liquidity, the newspaper said.

Rolls-Royce, which makes engines for large civil and military planes, has been hit hard by the pandemic as its airline customers park hundreds of planes.

In March,