Russia’s United Aircraft Corp. (UAC) has reported a 1H 2017 net loss of RUB6.6 billion ($111.7 million), narrowed from a net loss of RUB7.3 billion in 1H 2016.

First-half revenue grew 51% to RUB179.7 billion and operating profit was RUB6.5 billion, reversed from an operating loss of RUB5.4 billion in the first half of last year.

UAC manufactures both military and civil aircraft. The company stated the civil segment share in total revenue was only 20%. UAC wants to increase the civil aviation share of total revenue to 45% through 2035. To date, the company has failed to reach its stated goals.

According UAC auditors, RSM Rus, information related to military aircraft manufacturing is confidential for reasons of national security and thus not open to normal auditing standards.

Polina Montag-Girmes