Sukhoi Superjet maker sees financial losses double
Russian aircraft maker Sukhoi Civil Aircraft has posted first half losses that increased by 114 percent to almost $200mn compared to the same period last year. The plane builder has denied it is close to bankruptcy and says it is healthy financially.
Sukhoi revenues fell nearly 20 percent to $60mn and its
"other expenses" grew from $200mn to over $450mn, according
to the company’s financial report conducted to Russian accounting
standards.
The damage was mainly due to foreign exchange differences
and the need to pay debts in foreign currency, finam.ru quotes
the report.
Earlier this month the maker of the Sukhoi Superjet denied reports it was close to bankruptcy.
The firm said it has enough funds to cover the accumulated $2bn
debt.
“Credit payments and fulfilment are on schedule and comply with
current financial development strategy in full. Work with the
Sukhoi Civil Aircraft credit portfolio and securing the debt
service obligations is in progress. In 2012 VEB opened a line of
credit for $1 billion for SSJ 100. These actions have the full
support of the company’s major shareholder – JSC Sukhoi Company,
as well as of JSC UAC [United Aircraft Corporation]”, SCA
clarified.
Sukhoi Civil Aircraft is reportedly in talks to restructure its
debt.
The aircraft producer says it will stick to its production plan
of 26 aircraft this year and another 40 expected in 2014.
Sukhoi Civil Aircraft earlier said it plans to break even in
2015, when total revenue should be above $1.5 billion.
