Revenue increased by 4.3 times to be compared with the first quarter of the last year
IRKUT Corporation announced financial results prepared according to the Russian accounting standards for the first quarter of 2004. As per the results, revenues increased by 4.3 times to be compared with the first quarter of the last year and came to 1.4 billion rubles (329 million rubles last year). Gross profit of the Corporation increased by 5.8 times providing gross margin 60% (44% last year). Operating income made out 418 million rubles vs. operating loss of 317 million rubles in the first quarter of the last year. Net profit reached 5.3 million rubles indicating a considerable improvement as, according to the last year first quarter results, net loss came to 0.5 billion rubles.
źWe are satisfied with the results of work in the first quarter as we managed to increase the gross margin significantly, from 44% to 60%. Last year we carried out serios work to reduce expenses that ensured this result╗, - said Sergey Tsivilev, Senior Vice-President for Corporate Economics and Finance.