Rostec says consolidated net profit falls 11% to 88 bln rbl in 2016

MOSCOW, Apr 28 (PRIME) -- The consolidated net profit of Russian state industrial corporation Rostec fell 11% on the year to 88 billion rubles in 2016, the company said in a report on Friday.

Revenue rose 11% on the year to 1.266 trillion rubles in 2016.

Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 6% to 268 billion rubles.

Investment grew 10% to 142 billion rubles.

Rostec’s subsidiaries concluded 380 contracts totaling 95.6 billion rubles under a federal target program for development of the military industry in 2016, including 34.7 billion rubles within the aviation industry, 50.9 billion rubles within the standard weapons industry, and 10 billion rubles within specialized chemical equipment and ammunition.

Rostec does not calculate financial results under International Financial Reporting Standards (IFRS) as it works with military companies that implement the state defense order, and the law prohibits disclosure of financial results of these companies. The corporation uses its own method of calculation of financial results, which contradicts the IFRS in several parameters.

(56.9707 rubles – U.S. $1)

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