Germany-based MTU Aero Engines (MTU) has reported “strong progress” within its MRO business for Q1 2015.
The engine maker’s MRO arm saw adjusted earnings before tax (EBIT) increase 41 per cent to €38.1m ($41.8m) from €27m ($29.6m) in Q1 2014.
Meanwhile, the firm’s commercial engines business saw revenues increase by 27 per cent to €635.5m ($699m).
MTU cited the V2500, GP7000 and GEnx engines as key drivers for the growth, with the V2500 programme generating a 26 per cent increase in revenue year on year.
While posting increased revenues, adjusted EBIT for its OEM business fell by 4.4 per cent to €58.1m ($63.7m).
Overall, MTU’s revenue increased by 20 per cent and operating profit was up 10 per cent compared with Q1 2014, with the firm citing the stronger dollar as a key factor in the results.
Reiner Winkler MTU CEO said: “We expect to set new records in 2015.”