Safran aero-engine group reports record profits

French aero-engine maker Safran reported on Thursday a record net profit of nearly 1.0 billion euros ($1.32 billion) in 2012, an increase of 55.0-percent from the 2011 level, and said that the outlook for this year was "very good".

Sales were boosted by strong demand from the aircraft-making sector and rose to 13.5 billion euros, an increase of 15.5 percent compared with a target of slightly more than 10.0 percent.

Current operating profit rose by 23.7 percent, beating the group's target of 20.0 percent.

The net profit was 999 million euros from 644 million euros in 2011.

For this year, the company expected sales to rise by 5.0 percent and current operating profit by 15.0 percent.

But the price of shares in the group fell by 4.51 percent in morning trading to 33.49 euros per share. The overall CAC 40 index was showing a fall of 1.82 percent.

At Global Equities, trader Xavier de Villepion said that the figures were remarkable but that investors were selling, possibly because they though the share, which had risen by 40 percent last year, looked expensive.

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