OREANDA-NEWS. June 22, 2009. JSC “Irkut Corporation” has summed up 2008 according to International Financial Reporting Standards (IFRS).

In 2008 Irkut Corporation revenue amounted to 1,247,971 thousand USD. The revenue went up by 22% compared to 2007.

The Irkut revenue shows a tendency to grow within the past few years and is likely to stay that way judging by the voluminous order-book.

Corporation’s 2008 gross profit increased by 30% compared to 2007 and amounted to 400,022 thousand USD. Gross profitability totaled to 32%, which is 2% above the same of the preceding year.

Irkut leadership undertakes a complex of measures aimed at maintaining Corporation’s stable situation within the global financial crisis. At Irkut’s production facility – Irkutsk Aviation Plant the actions are being taken to reduce costs and introduce "lean management".

Due to the taken measures against the sharp growth of interest rates at the financial market the Corporation retained the 2007 level of loan interests’ payoff expenses. These expenses increased by 0.8% only.

Irkut Corporation intensifies work on perspective programs while the managerial expenditures are practically the same as in 2007.

 Irkut Corporation strictly fulfills its financial obligations. In April 2009 all Credit Linked Notes  (CLN) for 125 mln. USD were paid off fully and on time.

At the same time rather negative circumstances of 2008 resulted in 34,886 thousand USD loss. Main reasons: re-evaluation of some financial assets and unfavorable exchange rates.

Regardless of negative macroeconomic factors Irkut Corporation implements investments program ensuring production facilities re-equipment, as well as development and production pre-run for the perspective air vehicles. 

In 2009 the company commences flight trials of Yak-130 combat-capable trainers to be delivered to the foreign customer.

Corporation expands activities on designing and preparation for series production of MC-21 new-generation passenger aircraft. On 15th of June 2009 Victor Khristenko, Industry and Trade Minister, said: "Today we have visited Irkut production facilities in Irkutsk and made sure that we have rightly trusted our break-through technological aviation product – MC-21 Russian mi-range airliner to Irkut production facilities". The Minister also highlighted that "the question of supporting technical upgrading will be raised at the Russian Government level".

President of Irkut Oleg Demchenko points out: "High demand in company’s products, substantial order book, high scientific and technical potential, as well as measures undertaken to increase production efficiency provide for Irkut Corporation’s maintaining the growth rates required for overcoming negative macroeconomic factors".