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    Rostec state corporation

    Rostec's 2016 Consolidated Net Profit Down by 11% to $1.5 Bln

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    According to the industrial company's report, Russia's Rostec Corporation has earned a consolidated net profit of 88 billion rubles ($1.5 billion) in 2016, constituting an 11-percent year-on-year decline.

    MOSCOW (Sputnik) Russia's Rostec Corporation has earned a consolidated net profit of 88 billion rubles ($1.5 billion) in 2016, constituting an 11-percent year-on-year decline, according to the industrial company's report.

    Rostect's revenue rose by 11 percent to $22.2 billion, while total investment volume climbed by 10 percent to $2.5 billion, the 2016 report published Friday states.

    Rostec does not publish International Financial Reporting Standards (IFRS) data because of its work with services carrying out state defense orders, whose finances are illegal to disclose.

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