MOSCOW, May 2 (RIA Novosti) - Power Machines, a Russian energy equipment producer, said Wednesday its net profit, calculated to Russian Accounting Standards (RAS), had increased 103 times, year-on-year, in the first quarter of 2007, to 245,275 million rubles ($9.55 million) from 2,388 million rubles ($93,000) in the first quarter of 2006.
In 2006, Power Machines posted a net loss of 1,013 billion rubles ($40 million), down from 2005's net profit of 194,18 million rubles ($7.56 million) over non-finished international electricity contracts.
Minority shareholders account for about 19.5% of the company. Major shareholders are Unified Energy System (25% plus one share), Siemens (25% plus one share) and Vladimir Potanin's Interros (30.4%, voted by UES).
