5 Oct 2009 13:52

OMZ posts losses of $3.4 mln in H1 under IFRS

MOSCOW. Oct 5 (Interfax) - United Heavy Machinery (OMZ) posted a net loss of $3.358 million in the first half of 2009 under IFRS, compared with a net profit in the same period last year, the company said in its financial statement.

Revenue fell 28.2% in the six months year-on-year to $423.1 million. The pretax loss totaled $543,000 compared with a pretax profit of $52.761 million in the same period last year.

Short-term debt fell 4% to $398.8 million in the first half, the statement says. But short-term borrowings increased 11.4% to $389.6 million. Total short-term liabilities increased 1.3% to $797.8 million.

Total debt was virtually unchanged at $979.1 million.

OMZ made early repayment of a loan totaling $76.062 million (2.38 billion rubles) on September 17. The loan was raised for participation in construction of the Novovoronezhskaya-2 nuclear power plant.

OMZ manufactures, installs and services equipment for the nuclear energy, oil and gas and mining sectors, and also produces specialty steel. It has production facilities in Russia and the Czech Republic. Gazprombank controls the group. OMZ posted net losses of $9.517 million in 2008 under IFRS on sales revenue of $1.175 billion.