United Aircraft hikes interim profits despite revenue dip

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Russia's United Aircraft has turned in first-half revenues of Rb2.7 billion, a fall of 16%, although its profits surged over the six months.

The company achieved a net profit of Rb503 million, compared with just Rb40 million in the same period last year, under Russian accounting standards.

United Aircraft says its net debt declined by 6% to Rb33.9 billion since the beginning of 2013.

First-half revenues were down as a result of the "unevenness" of the aircraft industry production cycle, it adds, but the company expects to achieve revenues of Rb11.5-12 billion, similar to last year's level, over the full year.

United Aircraft oversees several civil aircraft programmes including the Sukhoi Superjet 100, Antonov An-148, Irkut MC-21 and Tupolev Tu-204SM.