Russian Helicopters, the state-owned maker of Mil and Kamov rotorcraft and the world's second-largest producer after Eurocopter, posted a strong 2011 financial performance, with revenue up by nearly 28% to Rb104 billion ($3.5 billion) and profits up by 13% to nearly Rb7 billion; deliveries increased 22% to 262 aircraft.
A key event of 2011 was the effective consolidation of the Russian helicopter industry with the acquisition of Rostvertol, whose 2010 sales and profit were retrospectively included to give a valid year-on-year comparison for 2011.
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| © Kamov Russian Helicopters make Kamov rotorcraft |
Chief executive Dmitry Petrov described "solid growth momentum" that took the company to a 14% share of the world market by revenue last year.
During 2011, Russian Helicopters also doubled its backlog, to 859 aircraft worth Rb330 billion, owing primarily to Russian defence ministry contracts for more than 600 deliveries by 2020.
Market conditions last year led Russian Helicopters to abandon an initial public offering plan that sought to attract Western investors and valued the company at some $500 million. But the company is thought to be holding the stock market flotation option open while touting for other investment possibilities, including a Western private equity investment.
Source: Flight International