Motor Sich posts UAH2 bln in net profit to IFRS in 2012
KYIV. Feb 22 (Interfax) - Ukrainian aircraft engine maker Motor Sich tentatively saw UAH1.999 billion ($250 million) in net profit under international financial reporting standards (IFRS) in 2012, the company said in a statement.
In view of the switch to IFRS from 2012, the company did not present comparative figures in its report, which was posted in the information disclosure system of the National Commission for Securities and the Stock Market.
The company's undistributed profit over the previous years totaled UAH7.333 billion.
According to the report, the financial report of the company for 2012 is to be approved at a general meeting of its shareholders scheduled for March 28, 2013.
In 2011, the company's net profit under Ukrainian accounting standard came to UAH1.34 billion, which is 9% up on 2010, and its net revenue grew by 15.8%, to UAH5.8 billion.
Motor Sich is one of the world's largest manufacturers of aircraft engines and industrial gas turbine plants. It supplies its products to 106 countries. Some 30% of Motor Sich's exports go to Russia, according to the manufacturer.