OREANDA-NEWS. September 03, 2010. Power Machines OJSC has prepared its accounting statements for the first six months of 2010 in accordance with International Accountancy Standards (IAS). Power Machines’ net profit reached USD  97,815 thousand, an increase of 84% as compared to 2009.

Revenue for the first semester of 2010 remained at the level of the previous year and amounted to USD 710,795 thousand.

Gross profit for the first six months of 2010 attained USD 212,371 thousand, which makes up a 28% increase over the corresponding figure (USD 166,476 thousand) reported for the accounting period of 2009.

Due to the implementation of a large-scale investment program aimed at lowering costs and minimizing production expenditures, the company’s EBITDA totalled USD 147,811 thousand which exceeds the reported figure for 2009 by 1.6 times.

Power Machines company shows positive dynamics of its major performance indicators reflecting the company’s strong financial position.

Financial Statements of Power Machines OJSC for the first semester of 2010 in accordance with International Accountancy Standards Indicator:

Indicator   First semester of 2010
USD thousand		 First semester of 2009
USD thousand 
 Revenue  710,795   721,397
 Cost of sales   (498,424)   (554,921)
 Gross profit   212,371   166,476
 Operational profit  119,178  70,179
 Profit before taxation  114,783  66,180
 Net profit   97,815   53,100
 EBITDA  147,811   91,878