SCAC net loss decreases threefold year-on-year
Russia’s Sukhoi Civil Aircraft Company (SCAC) posted a net loss of 3.807 billion rubles ($66.8 million) for 2016, almost three times less than the 2015 loss of 10.749 billion rubles, reveals the company’s financial report compiled in accordance with the Russian accounting standards. The improvement was achieved thanks to optimized key performance indicators and a reduction in interest costs, the company explains.
SCAC’s revenues increased by 32.2% to 46.779 billion rubles. The company’s income grew mainly due to more SSJ100 deliveries and an increase in the aircraft’s average unit price following changes to the delivery pattern. The share of launch customers in the total number of deliveries decreased to 27%. In addition, of the 26 aircraft delivered last year two were completed in a more expensive VIP configuration for the Royal Thai Air Force.
More active work to promote aftersales support for the growing SSJ100 fleet in operation also contributed to the increase in revenues. Aftersales support generated 1.226 billion rubles in revenue in 2016, up 49% on the previous year; associated costs amounted to 1.084 billion rubles, down 35% year-on-year.
“A noticeable growth in revenues, coupled with measures to keep the prime costs level, allowed SCAC to increase its gross profit by 144%,” reads the company’s report. Its gross profit amounted to 4.449 billion rubles. The company’s liabilities decreased to 27.308 billion rubles, helping drive down the interest costs by 79%.
Out of the 26 deliveries, 11 were for export. To compare, five aircraft were exported in 2015 against 20 delivered to customers in Russia.
SCAC plans to continue streamlining SSJ100 sales in 2017 in order to improve its financial performance.
As reported earlier, this year SCAC expects to deliver 40 aircraft. The production program calls for the construction of at least 595 of the type in various modifications.
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