Uralvagonzavod’s losses reach 7bn

The losses of Uralvagonzavod Scientific & Production Enterprise reached about 7 billion RUR last year, of which 6 billion RUR was actually the previous years’ accumulated loss, the company’s General Director Oleg Sienko announced at a recent briefing, RIA Novosti reports.

‘All in all, our losses have amounted to something like 7 billion RUR, that is, over 6.5 billion RUR worth of the earlier years’ loses aggravated by our inability to pay off the body of our loans. In fact, we took out our loans rather expensively at the time, and now we have to pay off over 8 billion RUR worth of loans every year,’ the executive explained.

‘Uralvagonzavod expects to receive a 10-billion-ruble tranche from the Russian Government next week, upon which the debts to our creditors will probably decline down to 26 billion RUR,’ he said.

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