Irkut Corporation, the leading Russian aerospace group, today announced financial results for the first nine months of 2003 according to US GAAP, the first time that the company has reported its quarterly results under international accounting standards.

The results were verified but not audited by KPMG and reflect Irkut's commitment to transparent reporting in line with international best practice. Irkut reported gross profits of US$151 million and sales of US$368 million. In the first nine months of 2003 the gross margin increased to 41% from 35% in 2002. This was achieved through well-managed production costs and improved sales processes resulting in more profitable contracts.

EBITDA totalled US$69 million. The EBITDA margin remained at 2002 levels and was 19%, reflecting the stable profitability of the company's operations.

Commenting on the results, Sergey Tsivilev, Irkut's Vice-President for corporate finance and information systems, said: "These results demonstrate the company's dynamic growth and the stable efficiency of its operations."