Safran H1 Core Income Up 11.8 Percent

Safran posted an 11.8 percent rise in first-half core profit on Friday, driven by demand for aircraft equipment.

Recurring operating profit rose to EUR€1.309 billion as revenues grew 6.3 percent to EUR€8.936 billion, led by aerospace services and security activities.

Overall profit was boosted by cost cuts and services on aircraft equipment, but aerospace propulsion profits were flat, due in part to losses on early LEAP engines and higher R&D spending, cushioned by higher CFM56 deliveries.

The first LEAP-powered Airbus A320neo was delivered to Turkey's Pegasus Airlines last week, despite recent political turmoil in the country.

CFM has sold more than 11,000 LEAP engines and so far delivered 11.

The widely watched civil aftermarket, or spares and repair revenues, rose 8.5 percent in dollar terms, driven mainly by overhauls of recent CFM56 and GE90 engines.