Significant financial results for IAR Brasov last year, recording a net profit growth of 145 pc


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The Romanian state-run aircraft repair and maintenance company IAR Brasov (IARV) recorded a net profit of RON 14 million in 2015, up by 145 percent y-o-y, according to preliminary financial results published by Bucharest Stock Exchange (BVB) on Monday.

Thus, on end-December 2015, the company had assets of over RON 171.8 million, amounting to 9.77 percent higher than in 2014. Operating income amounted to RON 125 million, and the operating expenses – RON 122 million. IAR’s turnover increased by 27.8 percent, from about RON 101.6 million in 2014 to RON 130 million in 2015. The Romanian State through the Ministry of Economy holds 64.89 percent of shares, the rest being held by other shareholders. The company in Brasov debuted on July 14, 2015 on the main market of the Bucharest Stock Exchange (BVB), following the transfer from RASDAQ market.

In the previous years, the company conducted modernization programs for IAR 330L Puma helicopters with SOCAT, NATO and Naval system, as well as SA/IAR 330 Puma helicopters in SA 330SM edition.

Company’s main local customers are the Ministry of Defence, the Romanian Intelligence Service, Ministry of Internal Affairs, as well as Eurocopter Romania. On the external market, IAR’s main clients are: DGP GHQ UAE Armed Forces – United Arab Emirates, Royal Air Force of Oman – OMAN, Lebanese Air Force – Lebanon, Pakistan Army/Aviation (through Aeroteh) – Pakistan, Indonesian Air Force (through PT Citra Aviatama Dirgantara) – Indonesia, Airbus Helicopters (through Eurocopter Romania) – France/Germany.

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