IRKUT Corporation has published financial results for 2003 according to the Russian accounting standards. As per the results, in 2003, Corporation sales have made out 13.1 billion rubles. Decrease of revenue to be compared with 2002 (17.6 billion rubles) is related to schedules of aircraft delivery on contracts signed.
According to US GAAP, revenues for 2003 will come to around 520 to 530 million USD that approximately corresponds to 2002 results (528 million USD). Due to implementation of production cost reduction program, gross margin of Corporation activities has grown by 6% in comparison to 2002 and reached 42%.
As a result, despite of 26% decrease in revenue, income before differed taxes has come to 312.8 million rubles that is only by 9% less than in 2002 (344.3 million rubles).