Company News

24.08.2009

RUSSIAN HELICOPTERS PROFITS 1.71 BLN ROUBLES IN FIRST HALF OF 2009

Moscow – Despite the global economic downturn, Russian Helicopters, JSC, has managed to increase production and displays stable financial growth. Enterprises within the framework of the holding put out 169 helicopters in 2008. This number is expected to rise to 220 by the end of 2009.

In the first half of 2009 the enterprises of Russian Helicopters delivered 64 helicopters (versus 32 in the same period of 2008). Revenues from sales reached 18.4 bln roubles, beating last year’s results by 58%. Net profits totalled 1.71 bln roubles.

The credit crunch has obviously had its effect on the Russian helicopter industry, nevertheless, Russian-made helicopters took a 4.2% share of the global market in 2008 and a milestone of 5% is envisioned for 2009.

The main development target of Russian Helicopters is to take 15% of the global helicopter market by 2015. It will be a struggle without sufficient government support, and Russian Helicopters is negotiating the matter with Russian authorities.

“We feel that our industry deserves more attention in terms of real state support, although we do know that in today’s circumstances this can be quite limited,” Andrei Shibitov, CEO, Russian Helicopters,says.

To progress efficiently, Russian Helicopters is considering loans in form of competitive credit offers from foreign financial houses. A number of international investment institutions – banks and investment companies – have already received and replied with interest to relevant requests from Russian Helicopters.

Russian Helicopters, JSC is an affiliated company of UIC Oboronprom. It is the managing body of the following helicopter industry enterprises: Mil Moscow Helicopter Plant, Kamov, Ulan-Ude Aviation Plant, Kazan Helicopters, Rostvertol, Progress Arsenyev Aviation Company, Kumertau Aviation Production Enterprise, Vpered Moscow Machine-Building Plant, Stupino Machine Production Plant, Reductor-PM and Helicopter Service Company (VSK).

UIC Oboronprom, JSC is a multi-profile industrial and investment group established in 2002. Its main tasks include helicopter engineering (Russian Helicopters managing company), engine-building (United Engine Industry Corporation managing company), air defense systems and complex electronic systems (Defense Systems holding company), and other machine-building activities. The companies of the group reported revenues of over 100 billion roubles in 2008.