United Aircraft Corporation (UAC) unveiled its unconsolidated unaudited accounting statement for the first half of 2013 in accordance with the Russian Accounting Standards (RAS).

“The revenues of UAC reached 2.7 billion rubles in the first half of 2013 (this indicator has dropped as compared to the same period of 2012). The major reason for reduction of this indicator is a non-uniformity of production cycle, which is typical of the aircraft industry. Nevertheless, UAC expects the revenues to reach the level of 2012 fiscal year by the end of 2013 - around 11.5-12.0 billion rubles”, - said in the corporation’s statements.

Research and development work carried out in accordance with the Federal Target Program "Development of Civil Aviation in Russia in 2002-2010 and for the period until 2015" became one of the new sources of revenue in the first half of 2013. The income in this area was about 0.8 billion rubles.

“The strong financial performance helped increase the UAC’s net profit 12 times as compared to the same period of 2012. Thus UAC has managed to reach a net profit margin of over 18% and reduce the accumulated loss by 23% to 1.7 billion rubles”, - UAC noted.

UAC’s net debt decreased by 6% to 33.9 billion rubles in the first half of 2013, while the interest expenses decreased by 2%.

Vice-President for Economics and Finance of UAC, Vladimir Chirikov, said: "We expect that the growth of net income and net assets will help draw the investors’ attention to UAC and create a positive history of the corporation’s securities”.