OREANDA-NEWS. October 10, 2012. Power Machines OJSC, Russia’s largest manufacturer of power generating equipment, announces its financial results for the first six months of 2012 in accordance with International Accounting Standards (IAS).

The Company’s revenue for the six months of this year has amounted to 925,279 thousand USD which exceeds the same indicator for 2011 by 7%. The Company’s net profit for the six months of 2012 has increased by 14% in comparison to the same indicator for 2011 and amounted to 156,920 thousand USD. The gross profit for the six month period of 2012 has amounted to 288,183 thousand USD which is up by 7% compared to this indicator for the reporting period of 2011.

The EBITDA has increased by 19% and amounted to 234,757 thousand US dollars for the six months of 2012.

The growth of financial indicators has been significantly influenced by the implementation of a large-scale investment program aimed at improving the productivity, reducing costs and minimizing production costs, increasing the rate of production capacities utilization and the volume of manufactured equipment shipments.

Key financial statements of Power Machines OJSC for the 6 months of  2012 according to International Accounting Standards

Indicator  6M 2012,  thousand USD  6M 2011, thousand USD  %
Revenue  925,279  866,926  107%
Production cost  (637,096)  (598,680)  106%
Gross profit  288,183  268,246  107%
Operating profit  180,335  178,231  101%
Profit before taxation  189,864  166,882  114%
Net profit  156,920  138,018  114%
EBITDA  234,757 197,983  119%