Power Machines boosts H1 earnings 68-fold
MOSCOW. Aug 3 (Interfax) - Power Machines boosted net profit to Russian Accounting Standards (RAS) 68-fold year-on-year in the first half of 2009.
The company, which produces and supplies equipment for thermal, nuclear, hydro and gas-turbine power plants, said in a statement that net profit for the period was 2.368 billion rubles, compared with 34.549 million rubles a year previously.
The company's sales revenue increased by 80% to 20.389 billion rubles, the company said in a press release. EBITDA came 3.211 billion rubles, an increase of 580% year-on-year.
"Diversification of the order portfolio, boosting production capacity and total shipments of equipment had a substantially positive influence on the increase in financial results," the company said.
Power Machine's RAS financial results for H1 2009:
| H1 2009, in thousands of rubles | H1 2008, in thousands of rubles | |
| Net profit | 2 368 140 | 34 549 |
| Revenue | 20 388 858 | 11 410 746 |
| EBITDA | 3 211 158 | 468 479 |
| Gross | 4 957 366 | 2 477 646 |
| Sales profit | 2 873 683 | 296 850 |
Power Machines manufactures equipment for hydro, thermal and nuclear power plants, and for combined steam-gas plants. Alexei Mordashov's Highstat Ltd controls 69.9% of the company's shares, while Germany's Siemens has 25%. The company's production facilities are located in the Leningrad and Pskov regions as well as St. Petersburg, Kaluga and Ukraine.