Sukhoi Superjet maker sees financial losses double
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
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.