Sukhoi narrows IFRS net losses 20% to $91 mln in 2009
MOSCOW. Oct 19 (Interfax) - CJSC Sukhoi Civil Aircraft narrowed net losses to International Financial Reporting Standards (IFRS) 20.5% in 2009 to $91.71 million, the company said in an earnings report.
Sales revenue grew 20% to $7.202 million, assets rose 31% to $1.126 billion, net debt decreased by 2.5% to $765.7 million, operating losses came to $65.526 million and exchange-rate losses were $23.3 million.
The report says results in 2009 were influenced above all by a 110% increase in government grants to $100.6 million, lower administrative and commercial expenses, higher interest spending and a weaker ruble.
Sukhoi Civil Aircraft's major project is the Sukhoi Superjet 100, which will replace the Tu-134 passenger planes. The first planes should be delivered to airlines by the end of this year.
Members of the Sukhoi Group own 75% of Sukhoi Civil Aircraft, and World's Wing SA owns 25%.