Munich-based engine manufacturer MTU is forecasting a significant increase in sales and profits for the coming year.

Revenues are expected to rise to between 8.3 billion and 8.5 billion euros, with adjusted operating profit increasing by a low to mid-teens percentage range, the company announced on Friday. The outgoing MTU CEO Lars Wagner said that the company had excellent prospects, which would be reflected in growth across all business areas.

The commercial aircraft business, which is expected to grow by a mid-teens percentage range, is showing a particularly strong upward trend, he added. However, the maintenance of engines for passenger aircraft and the spare parts business will also grow. In the military business, MTU expects a mid to high single-digit percentage increase in sales.

For the first time this year, MTU expects an operating profit of more than one billion euros and revenues of between 7.3 billion and 7.5 billion euros.

(Report by Christina Amann, edited by Thomas Seythal)