United Engine Corp IFRS net profit plummets 64% in Jan–Jun

MOSCOW, Aug 30 (PRIME) -- The net profit of Russia’s United Engine Corporation plummeted about 58% on the year to 2.7 billion rubles in January–June, as calculated under International Financial Reporting Standards (IFRS), the company said in a report late on Tuesday.

Revenue fell 1.1% on the year to 68.4 billion rubles in the period. The gross profit contracted 17.8% to 19.6 billion rubles. Operating profit slumped about 33% to 8.6 billion rubles. But the finance income more than doubled to 1.9 billion rubles.

The cost of sales rose 7.7% to 48.8 billion rubles. Administrative expenses went up 4.3% to 6.9 billion rubles, and selling costs grew almost 14% to 4.2 billion rubles. Spending on corporate profit tax plummeted to 429 million rubles from about 1.37 billion rubles.

Long-term liabilities of Untied Engine Corporation decreased 3.1% in the period to 110.6 billion rubles as of June 30. Short-term liabilities went up almost 15% to 164.6 billion rubles.

(58.5320 rubles – U.S. $1)

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