OREANDA-NEWS. September 29, 2011. OJSC Power Machines, a leading Russian manufacturer of power generating equipment, communicate financial results for the first half of 2011, in accordance with International Accounting Standards (IAS).

Power Machines continue to steadily generate profits. Net profit of the company of the first six months of 2011 has grown by 41% in comparison with that in 2010, to USD 138.0 million.

Thanks to implementing the large-scale investment program aimed at lowering production cost and minimizing production expenses, the company’s EBITDA of USD 198.0 million represents a 34% increase over the EBITDA for 2010.
Key Financial Statements of OJSC Power Machines for 6 months of 2011 in accordance with International Accounting Standards
USD thousand, unless otherwise stated 6 months of 2011, USD thousand 6 months of 2010, USD thousand Diff., %
Revenue 866,926 710,795 122%
Production cost (598,680) (498,424) 120%
Gross profit 268,246 212,371 126%
Operating profit 173,022 119,178 145%
Operating margin, % 19.9 16.8 -
Profit before taxation 166,882 114,783 145%
Net profit 138,018 97,815 141%
EBITDA 197,983 147,811 133,9%
EBITDA margin, % 22.8 20.8 -