Russian Helicopters Net Up

Russian Helicopters said it still aimed for an initial public offering as it reported a nearly 13 percent rise in 2011 earnings, boosted by sales to India, China and the Russian Defense Ministry.

The company in May delayed a $500 million London share flotation due to lack of investor interest. "We continue to have an IPO in our sights," chief executive Dmitry Petrov said in a statement Monday.

Russian Helicopters reported a 12.7 percent rise in net profit to 7 billion rubles ($237.65 million) for 2011. Revenues rose 27.8 percent to 103.9 billion rubles. Helicopter deliveries rose 22.4 percent to 262, giving it a 14 percent share of the world's helicopter market.

(Reuters)

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