3 Aug 2018 16:38

Atomenergomash expects first net profit in 5 yrs in 2018

MOSCOW. Aug 3 (Interfax) - Atomenergomash (AEM), the power engineering division of state nuclear corporation Rosatom, expects to receive a net profit in 2018 for the first time in five years, an AEM representative told Interfax.

The company last posted a profit in 2012: 833 million rubles. It posted losses of 3.5 billion rubles in 2013, 6.5 billion rubles in 2014, 4.2 billion rubles in 2015, 15 billion rubles in 2016, and 4.4 billion rubles in 2017.

"We forecast revenue [in 2018] to top 74 billion rubles and receipt of a net profit of about 1.5 billion rubles. EBITDA is forecast at 4.5 billion rubles," the representative said.

The company was less optimistic in the forecast contained in the annual report for 2017: it said the net loss in 2018 would come to 6.4 billion rubles, EBITDA - 3.5 billion rubles and revenue - 73.1 billion rubles. "The forecast for 2018 for revenue, earnings and other parameters contained in the annual report, were accurate when they were made at the beginning of the year. Based on current dynamics in company operations, the forecast has been revised substantially," the representative said.

AEM, the power engineering division of state nuclear corporation Rosatom, includes about 30 major manufacturing, R&D and engineering enterprises in Russia, Ukraine, the Czech Republic and Hungary.