3 Aug 2009 16:14

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.