Power Machines losses to RAS widen 12-fold in H1

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Power Machines losses to RAS widen 12-fold in H1

ST PETERSBURG. Aug 2 (Interfax) - Power Machines saw net losses to Russian Accounting Standards (RAS) in H1 increase 12 times year-on-year to 11.557, according to the company's reporting.

Revenues fell 23.2% to 16.449 billion rubles.

Power Machines financial highlights, '000 rubles:

	H1 2018	H1 2017
Revenue	16 449 425	21 431 391
Cost of sales	22 378 680	18 108 775
Gross profit (loss)	(5 929 255)	3 322 616
Operating profit (loss)	(8 628 733)	984 899
Pre-tax loss	13 369 758	1 453 986
Net loss	11 557 070	961 391

Accounts receivable increased from 70.841 billion rubles on December 31, 2017 to 75.071 billion rubles on June 30, 2018; accounts payable fell from 35.396 billion rubles to 32.296 billion rubles respectively.