- Assembly shop "Izhmash". Photo: Reuters
Russia’s largest weapons factory "Izhmash" has received an operating profit for 2011 in the amount of 310 million rubles. It is stated in a press release submitted to an "Lentu.ru." Profit from operations increased in 2011, three times due to anti-crisis measures.
As noted in the press release, it is the merger of numerous legal entities into a single "NPO" Izhmash. ‘" As for the net loss, it even increased in comparison with the previous year and amounted to 2.43 billion rubles.
Plant revenue rose 40 percent due to the expansion of markets. In particular, the volume of shipments to the U.S. increased by half. Only this direction has brought the company 444 million rubles.
New contracts have increased the load of modern equipment to 70 percent, whereas by the end of 2010 it amounted to about 20 percent. Earlier it was reported that overall production fell by 45.5 percent to 1.7 billion rubles.
Major reorganization measures "Izhmash" officially recognized the bankruptcy April 6, 2012, have been completed. The plant is now controlled corporation "Russian Technologies".
"Izhmash" was created in 1998 on the basis of an industrial complex "Izhmash". The company produces more than 70 types of weapons, including hunting and sporting guns, air guns and precision-guided munitions. The company’s share in the production of military automatic weapons in Russia is more than 90 percent, and in the production of sniper rifles — 95 percent.