6 Oct 2009 16:20

Power machines could boost IFRS earnings 2.7-fold in 2009

MOSCOW. Oct 6 (Interfax) - Power Machines could boost net profit to International Financial Reporting Standards (IFRS) 2.7-fold in 2009 to $218 million, a source with knowledge of the company's plans told Interfax.

Revenue could rise 37.2% to $1.8 billion and the EBITDA margin could be 16%.

The company itself told Interfax that these were best-case scenario figures and could be adjusted depending on the state of the market in the fourth quarter.

Power Machines boosted net profit to IFRS 3.4-fold year-on-year in the first half of 2009 to $53.1 million, the company said in an earnings report. Sales revenue grew 25.4% to $721.4 million, and pretax profit rose 4.1-fold to $66.18 million.

Power Machines produces and supplies equipment for thermal, nuclear, hydro and gas-turbine power plants.

Highstat Ltd, a firm controlled by Alexei Mordashov, who owns Russian steel major Severstal , owns 69.92% of Power Machines, and Germany's Siemens owns 25%.