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Russia’s Sukhoi Civil Aircraft Jan-Jun IFRS net loss narrows 25%

September 16, 2014, 15:11 UTC+3 MOSCOW
Sukhoi Civil Aircraft redeemed around $793 million of long-term debt to banks, including $694 million out of a Vnesheconombank (VEB) credit line
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© EPA/SERGEI ILNITSKY

MOSCOW, September 16. /ITAR-TASS/. The net loss of Russia’s Sukhoi Civil Aircraft narrowed 25.4% on the year to U.S. $144.1 million, as calculated under International Financial Reporting Standards (IFRS), the company said in a report Tuesday.

Revenue doubled to $180 million in the period, while gross loss narrowed 21% to $23 million.

Sukhoi Civil Aircraft redeemed around $793 million of long-term debt to banks, including $694 million out of a Vnesheconombank (VEB) credit line, as a result of implementation of a financial recovery plan by its parent company Sukhoi.

Under the plan, Sukhoi Civil Aircraft sold over 10 million additional common shares at 2,500 per paper to Sukhoi in late August. The parent company also approved providing the aircraft producing unit with 36 billion rubles ($934 million) to help repay VEB’s credit line and replenish its working capital.

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