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BAE Systems posts falling annual profits, eyes 3,500 US worker cuts

AFP
February 23, 2013, 12:01 am TWN

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LONDON -- British arms maker BAE Systems said Thursday that stretched defense budgets weighed on the group's profits in 2012 and warned that fresh cutbacks could force it to ax 3,500 jobs at U.S. shipyard operations.

Net profits dropped 14 percent to 1.07 billion pounds (US$1.63 billion) last year, compared with 2011, BAE said in a results statement.

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