MOSCOW, May 10 (RIA Novosti) - Silovye Mashiny (RTS: SILM) said Wednesday that its net profit calculated to Russian accounting standards nose-dived 99.6% to roughly $88,000 in January-March against Q4 2005.
Russia's leading heavy machinery manufacturer attributed the decline to delays in the production and shipment of long-cycle equipment.
Silovye Mashiny produces equipment for hydro, thermal, gas and nuclear power plants, and the transportation industry. The company has clients in 87 countries. Its revenues totaled almost $600 million in 2005, including $7.1 million in net profit.
