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Russian space agency expects $29 mln net income for 2018

In 2019, Roscosmos expects its net income to grow to $114 million

MOSCOW, February 4. /TASS/. Russia’s State Space Corporation Roscosmos expects a net income of 1.9 billion rubles (about $29 million) for 2018 after a loss of 16 billion ($244 million) in 2017, Roscosmos said on Monday.

The net income result excludes state subsidies for the Khrunichev Space Center: Roscosmos has provided the Khrunichev direct financial support in the amount of 27 billion rubles ($412 million), including 9.6 billion rubles ($146 million) in 2018 while the federal budget has additionally allocated 48.2 billion rubles ($735 million) for 2018-2019.

Besides, the estimated net income result also includes the financial performance of Roscosmos’s subsidiary, the Moscow Institute of Thermal Technology, which has developed the Bulava submarine-launched solid-propellant ballistic missile and the Yars and Topol solid-propellant intercontinental ballistic missiles.

In 2019, Roscosmos expects its net income to grow to 7.5 billion rubles ($114 million). The 2019 financial result also excludes state subsidies for the Khrunichev Space Center but includes the financial performance of the Moscow Institute of Thermal Technology.

Roscosmos has also reported it expects its 2018 consolidated revenues to grow by 15%, year-on-year, to 387.2 billion rubles ($5.9 billion). This year, the space agency expects to earn 445.5 billion rubles ($6.8 billion). The estimate for 2018 and the forecast for this year excludes state subsidies for the Khrunichev Space Center but includes the financial performance of the Moscow Institute of Thermal Technology.

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