Kalashnikov Earned 2.8 Times Higher In 2015 Than Previous Year.

Russian Kalashnikov has earned RUB 2.1 billion ($26.5 million), 2.8 times in profits higher in 2015 in comparison to 2014.

According to its final financial statements and operational reports for 2015 as per the Russian Accounting Standards (RAS), the compnay’s revenue rose by RUB 5.3 billion ($66.8 million) to RUB 8.2 billion ($103.4 million). The company incurred a loss of RUB 340 million ($4.2 million) in 2014, the company said in a statement Friday.

"The substantial improvement in the key performance indicators for 2015 was achieved through a range of activities and measures raising the efficiency of all production and business processes at the company," Kalashnikov Concern's Chief Executive Officer Alexei Krivoruchko said.

 "The improved operations system will allow us to resolve a lot of issues, mostly organizational ones, within the next two to three years. It will make production operations much more efficient, saving a minimum of 20% in fixed costs and enhancing the product quality. In 2016, we will continue with performance improvement programs in anticipation of doubling the revenue and production output and increasing productivity 1.5 times, which will help the company deliver an net-positive financial outcome," Krivoruchko added.

Sales profit for the 12 months of the previous year totalled RUB 1.2 billion ($15 million) compared to a loss of RUB 144 million ($1.8 million) a year ago. EBITDA for 2015 was RUB 3 billion ($37.8 million), which is up RUB 3.1 billion ($39.1 million) compared with the previous year.

At the 2015 year-end, the company's net asset value increased 1.6 times from RUB 4.6 bn ($58 million) to RUB 7.6 billion ($95 million).