Motor Sich sees 61% fall in consolidated net profit in H1 2018
PJSC Motor Sich (Zaporizhia) in January-June 2018 cut consolidated net profit under international financial reporting standards (IFRS) by 60.57% year-over-year, to UAH 902.19 million.
According to a company report, its consolidated net revenue in H1 2018 fell by 14.78%, to UAH 5.811 billion.
In January-March 2018, net profit under IRFS fell by 62.72%, to UAH 542.02 million, and consolidated net revenue – by 22.65%, to UAH 2.654 billion.
The company said that in 2017, its consolidated net profit under IFRS grew by 51.86%, to UAH 3.104 billion, and consolidated net revenue – by 43.66%, to UAH 15.15 billion.
Since April 23, 2018, the circulation of shares of PJSC Motor Sich on the stock exchanges Ukrainian Exchange and PFTS has been suspended in connection with the decision of the Shevchenkivsky District Court of Kyiv on April 20 to arrest a 56% stake in the company indirectly held by the owner of China's Beijing Skyrizon Aviation Industry Investment under a petition of an SBU investigator.
PJSC Motor Sich is one of the world's largest manufacturers of engines for aviation equipment, as well as industrial gas turbine units. It delivers products to more than 100 countries.
Motor Sich is involved in the implementation of the state defense procurement order and it is of strategic importance for the economy and the defense capability of the state.