19 Feb 2024 13:18

Russian space industry seeing trend towards loss reduction - Roscosmos CEO

MOSCOW. Feb 19 (Interfax) - The Russian space rocket industry has seen a trend towards reducing losses and is expected to break even in 2024, Yury Borisov, CEO of Russia's state space corporation Roscosmos, said in an interview for the Pro Cosmos publication.

"We planned a loss of 54 billion rubles within a two-year period owing to sanctions and the loss of a considerable part of the foreign market, [and] the cancellation of launch services and engine sales. The 2022 losses were reduced to 18 billion rubles and the 2023 ones to 15 billion rubles; that is, a trend towards reducing the industry's losses has taken shape," he said.

The Russian space rocket industry's goal is to break even in 2024, he said.

On December 26, 2023 Borisov said Roscosmos increased its consolidated revenue in 2023 by 24 billion rubles from 2022.

Roscosmos lost a large portion of its export revenues, Borisov said. "Out of all fixed contracts worth 230 billion [rubles], so-called unfriendly countries accounted for 180 billion, which is engine sales and launch services. Essentially, we lost 180 billion rubles in export revenues," he said.