Russian hi-tech company Concern Radio-Electronic Technologies (KRET) completed the 2014 Defense Procurement in advance and delivered up-to-date electronic warfare devices worth 17.1 billion rubles ($252 million) to the Defense Ministry, Igor Nasenkov, KRET deputy director, told journalists.
"KRET, a subsidiary of the state corporation Rostec has completed on schedule the 2014 Defense Procurement. The Russian Defense Ministry received all-new electronic warfare and state identification equipment, airborne electronics systems and measuring instrumentation," he said.
He added that the Defense Procurement was completed on time "despite the financial difficulties in 2014".
KRET’s operating income jumped by more than 40 percent on the 2014 Defense Procurement and surpassed that of 2013.
"For the last three years, the Defense Ministry received from KRET nine new electronic warfare systems. Last year, the company completed more than 180 R&D programs under the Defense Procurement," said the deputy director.
This year, the company expects revenues to rise by approximately 20 percent because of government contracts.
KRET is the Russia’s largest radio-electronic systems production company. The company consists of more than 95 enterprises and organizations which develop and produce military and civil radio-electronic products.