1 Mar 2013 09:19

Power Machines sees RAS profit drop 6% in 2012

ST. PETERSBURG. March 1 (Interfax) - Power Machines closed 2012 with net profit to Russian Accounting Standards down 5.6% year-on-year to 8.734 billion rubles as revenue fell 7.8% to 43.598 billion rubles, the power engineering company said in a statement.

Company financial highlights in 2012 ('000 RUB):

	2012	2011
Sales	43 597 550	47 271 062
Costs	28 213 827	31 375 483
Gross profit	15 383 723	15 895 579
Operating profit	11 364 300	10 647 084
Pretax profit	10 593 327	11 102 071
Net profit	8 734 256	9 252 684

The company's short-term receivables dropped to 17.014 billion rubles as of January 1, 2013 from 18.424 billion rubles a year earlier, and payables shrank to 29.381 billion rubles from 35.352 billion rubles.

The company said that the growth of operating profit demonstrates an increase in the profitability of its order book, while the drop in net profit was primarily due to negative exchange rate differences.