United Aircraft Corporation (MOEX: UNAC) announced unconsolidated unaudited financial statement for the first half of 2014 (in compliance with the Russian Accounting Standards (RAS)). The financial statement was posted at the corporation’s official website.
Revenues of UAC for the first half of 2014 were 1.4 billion rubles (-50.8% as compared to the same period of last year). On the other hand, the corporation expects its revenues for 2014 to grow almost 3 times ─ to 30-35 billion rubles. Such indicators may be reached by means of implementing MRO contracts with Russian Ministry of Defense and increasing the number of aircraft delivered by the corporation.
Despite the fact that UAC got operating loss of 0.9 billion rubles in the first half of 2014, financial results achieved primarily due to interest income and foreign exchange gains allowed the corporation to reach a net profit of 1.5 billion rubles (increased 3 times as compared to the first half of 2013) and get a net margin of 112.5%.
Moreover, net debt of UAC decreased by almost 10 billion rubles in the first half of 2014 (-32.3%).