MiG posts financial results

The total volume of orders to manufacture and service aircraft equipment in 2003 to the Russian aircraft producing corporation MiG amounts to $350m, Boris Rybak, the chief aide of the general director of MiG, declared at a news conference in Moscow today. According to him, revenues from the corporation's services in countries of Eastern and Central Europe increased from $800,000 in 2000 to $300m in 2002. Rybak also noted that the program on producing and upgrading MiG combat aircraft envisaged the signing of contracts totaling $4.5bn.

The corporation was created in 1999. It includes 14 enterprises. The holding has manufactured 60,000 planes including 11,000 that have been exported. The portfolio of orders of the corporation has surged by almost 11 times over the past few years.

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