OREANDA-NEWS. May 12, 2009.   Power Machines OJSC has been preparing the statements of its financial activity for the 1st quarter of 2009 in accordance with the Russian Accounting Standards (RAS).

The revenues of Power Machines OJSC in the 1st quarter of 2009 totalled 8,998,241 thousand rubles having thus increased by 3,269,169 thousand rubles as compared to the 1st quarter of 2008. The company’s net profit amounted to 1,437,841 thousand rubles (as compared to 4,926 thousand rubles in the 1st quarter of 2008).

The key factors to have conditioned the growth of financial indicators in the 1st quarter of 2009 are the company’s order portfolio diversification, enhanced intensity of the production capacities and an increase of the manufactured equipment delivery quantities.

Director General of Power Machines OJSC Igor Kostin: “Despite the current economic downturn in the power-plant engineering sector the performance of Power Machines in the 1st quarter of 2009 leaves hope that the company will maintain the positive trend when it comes to key financial and production indicators. Also, regardless of the possible diminishing of the order portfolio, the company is continuing to carry out its activity aimed at productivity gains and cost reduction”.

Financial statements of Power Machines OJSC for the 1st quarter of 2009 in accordance with the Russian Accounting Standards

   1st quarter of 2008
 (thousand rubles)		  1st quarter of 2009
 (thousand rubles)
 Revenues   5 729 072  8 998 241
 Cost  4 492 191  6 303 264
 Gross profit  1 236 881  2 694 977
 Sales profit (loss)  152 613  1 578 669
 Net profit (loss)  4 926  1 437 841