Aviaagregat, part of Rostec’s Technodynamika Holding, has reported a revenue of 1 billion 113 million rubles for the first six months of 2016, showing an increase of 66.3% compared with 2015. Its gross profit increased to 476.6 million rubles. In 2015, the figure was 211.2 million rubles. Thus, the gross profit margin exceeded 42%.

The six months net income was negative162.7 million rubles. This was caused by the inclusion of a commission fee for the advance payments received from Rosoboronexport, one of Aviaagregat’s key partners, in selling expenses. Expenses from exchange rate differences under export contracts were also a factor.

“The company has now a long-term orders portfolio. According to our forecasts, we will turn profitable in Q3,” said Aviaagregat CEO Pavel Mayorov. “We hold a stable position on the market. Given our internal reserves, investment programs, and planned organizational and technical measures, we expect a positive financial result by the end of the next quarter. "