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UAC should reach sustainable profits from 2024 — Russia’s Deputy PM

At the end of 2020, UAC's net loss according to IFRS increased 2.7-fold compared to 2019 to $2.27 bln

ST. PETERSBURG, June 5. /TASS/. The United Aircraft Corporation (UAC), which is currently in the process of debt restructuring, is expected to achieve sustainable profits starting from 2024, Deputy Prime Minister of Russia Yury Borisov, who oversees the manufacturing industry, including the aviation, said in an interview with TASS at the St. Petersburg International Economic Forum TASS.

"If my memory serves me right, then they should reach sustainable profits starting from 2024," Borisov said.

According to him, this condition is included in the comprehensive long-term development program of UAC and "was a prerequisite for restructuring and writing off UAC's debt obligations."

Borisov recalled that until recently, the UAC experienced serious difficulties with servicing problem loans. "About 400 bln rubles of debt was written off through additional capitalization and restructured on favorable terms with a reduced interest rate," he said.

At the end of 2020, UAC's net loss according to IFRS increased 2.7-fold compared to 2019 to 165.5 bln rubles ($2.27 bln).

The 24th St. Petersburg International Economic Forum is being held on June 2-5. The forum’s business program will focus on the global and Russian economies, social issues, and technological development. TASS is the information partner and the official photo hosting agency of the forum.