IRKUT Corporation reports nine months ended 30-Sep-2010 results under IFRS
21-Mar-2011 JSC IRKUT Corporation for the first time published interim financial statement for the period from January to September 2010, prepared under International Financial Reporting Standards (IFRS). The Corporation releases annual accounts under IFRS since 2002.
Further on interim financial statements would be published along with the annual in order to improve the awareness of investors, partners and analysts.
Following the results of nine months of 2010 revenue of IRKUT was 1,202,741 thousand US dollars, which is 45% higher than revenue for the corresponding period of 2009. The growth was attained due to further increase in the production volume and in the frequency during delivery cycle.
The gross profit for the 9 months of 2010 reached 504,948 thousand US dollars, which makes 42% of the revenues. The gross profit for the same period of 2009 made up 218,900 thousand US dollars (26% of the revenue). The absolute and relative gain of the gross profit resulted the implementation of innovative technologies, production costs reduction and the increased use of the lean manufacturing technologies.
The operating profit of JSC IRKUT Corporation for the nine months of 2010 came to 158,747 thousand US dollars (13% of the revenue).
The net profit margin for the nine months of 2010 reached 8%. Net profit made 93,355 thousand US dollars in absolute terms.
The results of IRKUT Corporation for the nine months of 2010 indicate a stable position of the company, high-growth, higher profitability and successful overcoming the negative macroeconomic factors.