JSC „UAC” announces net profit growth by more than 12 times

Joint Stock Company „United Aircraft Corporation” (JSC „UAC”), one of the leading aircraft manufacturers, announces the unaudited standalone financial statements for the first half of 2013 in accordance with the Russian Accounting Standards (RAS).

Revenue for the first half of 2013 amounted to 2.7 bln RUB, which is lower than for the same period of 2012 due to non-uniformity of the aircraft industry production cycle. However, the Corporation expects the revenue for the year 2013 to remain at the level of the previous fiscal year – about 11.5-12.0 bln RUB.

In the first half one of the new sources of revenue was R&D on new products in compliance with the Federal Target Program „Development of Civil Aviation in Russia in 2002-2010 and for the period up to 2015”, providing income in the amount of 0.8 bln RUB.

High results in finance activity provided the net profit increase by more than 12 times compared to the same period of the year 2012. Thereby, the Corporation achieved a net profit margin of more than 18% and reduced the accumulated loss by 23% to 1.7 bln RUB.

Net debt of JSC „UAC” for the first half of 2013 decreased by 6% to 33.9 bln RUB, interest expenses decreased by 2%.

Summing up the results of reporting period JSC „UAC” Vice-President for Economics and Finance (CFO) Vladimir Chirikov said: „We expect that the growth in net income and net assets should attract additional investor’s interest to JSC “UAC” and create a positive history of the Corporate’s securities”.

Half-annual financial statements of JSC „UAC” for the first half of 2013 in compliance with RAS are available for download at the Corporate’s website (in Russian): http://www.uacrussia.ru/ru/investors/reports/financial_reports/.

Source / Author: UAC