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BAE Systems First-Half Underlying Profit 17% Higher

BAE Systems beat estimates with a 17% rise in mid-year underlying profits on Thursday as its armored vehicle business boosted growth.

Earnings before interest, taxes and amortization (EBITA) rose to 700 million pounds ($1.42 billion), BAE said in a statement.

"Building on the strong first half performance, the previously anticipated good growth outlook for 2007 as a whole is expected to benefit further from the U.S.-led Land & Armaments and U.K. Programmes & Support sectors where growth is ahead of expectations," Europe's largest defense company said.

It proposed a dividend of 5.0 pence versus 4.4 pence in the same period a year earlier.

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