Russia's Kalashnikov arms producer sees first net profit in 7 years

Russia's largest assault rifle maker Kalashnikov Concern has reported 2014 revenue of 3 bln rubles ($46 mln), up 28% from 2013, a company representative told TASS.

Russia's largest assault rifle maker Kalashnikov Concern has reported 2014 revenue of 3 bln rubles ($46 mln), up 28% from 2013, a company representative told TASS.

"Revenue was 700 million rubles higher than in 2013. As a result, Kalashnikov generated its first operating net profit in 7 years, amounting to 88 million rubles [$1.33 mln]," the representative said. He added the main task for the company was to maintain its role of leading arms supplier for the Defense Ministry

Earlier the company's general director Alexey Krivoruchko said Kalashnikov doubled production in 2014 despite sanctions to 120 thousand units. In 2015 it plans to boost production by another 20-25%.

JSC "Kalashnikov Concern" is the managing company of the holding which does research and production of state-of-the-art munitions and arms for military, civilain and sports purposes.

51% of the holding is owned by the Russian Technologies corporation, comprising of 700 companies forming the backbone of the technological and scientific potential of the Russian Federation. The remaining 49% of the shares are privately owned.

First published by TASS.

All rights reserved by Rossiyskaya Gazeta.

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