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Russia's Kalashnikov arms producer sees first net profit in 7 years

February 06, 2015, 12:18 UTC+3 MOSCOW
The company's general director Alexey Krivoruchko said Kalashnikov doubled production in 2014 despite sanctions to 120 thousand units
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© EPA/YURI KOCHETKOV

MOSCOW, February 6. /TASS/. Russia's largest assault rifle maker Kalashnikov Concern has reported 2014 revenue of 3 bln rubles ($46 mln), up 28% from 2013, a company representative told TASS.

"Revenue was 700 million rubles higher than in 2013. As a result, Kalashnikov generated its first operating net profit in 7 years, amounting to 88 million rubles ($1.33 mln). The total net profit under Russian Accounting Standards can be 5 bln rubles ($73.5 mln), largely on account of positive impact of exchange rate differences and replenishment of the earlier established provisions," the representative said.

Kalashnikov presented a new 2020 development strategy aimed at improvement of performance indicators, expansion in the geography of sales, and revenues growth. Furthermore, the company developed an integrated investment program until 2017.

"The priority is to maintain its role of the leading arms supplier for the Defense Ministry and other Russian law enforcement agencies and further strengthen its position as a global leader in development and production of small arms. Investments are expected to total 5 bln rubles ($73.5 mln), the representative said.

Earlier the company's general director Alexey Krivoruchko said Kalashnikov doubled production in 2014 despite sanctions to 120 thousand units. In 2015 it plans to boost production by another 20-25%.

JSC "Kalashnikov Concern" is the managing company of the holding which does research and production of state-of-the-art munitions and arms for military, civilain and sports purposes.

51% of the holding is owned by the Russian Technologies corporation, comprising of 700 companies forming the backbone of the technological and scientific potential of the Russian Federation. The remaining 49% of the shares are privately owned.

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