21 Jul 2009 12:02

Atomstroyexport boosts revenue 60% in 2008; net loss widens 28%

MOSCOW. July 21 (Interfax) - Atomstroyexport, Russia's general contractor for construction of nuclear power plants abroad, saw its net loss widen 28% to 2.02 billion rubles in 2008 on revenue of 24.268 billion rubles, up 60%, according to the SPARK database.

Production costs rose more than 50% to 23.159 billion rubles.

Atomstroyexport posted a sales profit of 140 million rubles compared with a loss of over 500 million rubles in 2007.

Other revenue fell more than 60%, while other operating expenses rose 32.8%, reflecting the company's exposure to exchange rate fluctuations.

As a result, Atomstroyexport's pretax loss widened by almost 50% to 2.688 billion rubles.

The company placed supplementary shares at the end of 2008, which were purchased by Rosatom state corporation. The company plans to place more supplementary shares this year with the same aim, to raise financing.

Atomstroyexport head Dan Belenky told Interfax the funds would enable the company to cope with its financial difficulties.

"We do have definite problems concerning several contracts that we are currently updating. They were concluded long ago and the motivation then wasn't completely commercial. But we will definitely meet our international commitments and we are doing that," he said.

Atomstroyexport recently completed two power blocks with 1,000 megawatts of capacity in China, one block in Iran and two blocks each in India and Bulgaria.

The company was privately owned until 2006, when it came under the control of Rosatom.