BERLIN, Feb. 20 (Xinhua) -- German aircraft engine manufacturer MTU Aero Engines announced on Thursday that its adjusted net income increased by 12.2 percent to 537.6 million euros (581.5 million U.S. dollars) in 2019.

With an operating profit of 756.9 million euros, the previous high of 2018 was surpassed by almost 13 percent, according to the preliminary figures of the Munich-based company.

"MTU's course of profitable growth thus continues unabated. We fully met our ambitious earnings forecast," said its CEO Reiner Winkler.

Revenues of the company also "reached a new high" in 2019, up 1.3 percent to 4.6 billion euros.

"Due to shifts in commercial series production business and the military engine business, as well as to lower material usage in the Maintenance, Repair and Overhaul (MRO) segment," revenue was slightly below the target of 4.7 billion euros, MTU noted.

While revenues in the commercial maintenance business declined slightly to around 2.7 billion euros, revenues in the commercial engine business and the military engine business increased strongly by ten percent and six percent respectively.

With 19.8 billion euros, the order backlog at MTU in 2019 was 13 percent higher than in 2018. The company had received many new orders for "especially the A320neo engine PW1100G-JM," said CFO Peter Kameritsch.

For 2020, MTU is expecting to grow revenues in its MRO business by around 20 percent. For MTU's military business, the company forecasted an increase of a mid-single-digit percentage.

"In 2020, we want to raise the bar even higher and once again outperform our own records," said CEO Winkler.

Following a 750 percent increase in its share price over a period of ten years, MTU's shares moved in September 2019 from the MDAX to the DAX, Germany's index for the country's 30 largest listed companies. (1 euro = 1.08 U.S. dollars) Enditem

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