MOSCOW, July 17 (RIA Novosti) - Power Machines (Silovye Mashiny) [RTS: SILM], Russia's leading heavy machinery manufacturer, said Tuesday its net loss calculated to International Financial Reporting Standards grew 230% year-on-year in 2006 to $132.2 million.
The company, which produces and supplies equipment for hydro, steam, gas and nuclear power plants, said its sales fell 13.2% in the reporting period to $579 million, causing a dramatic increase in operating losses, which totaled $159 million.
Power Machines explained its losses by work on long-term contracts to deliver equipment for thermal power plants in Vietnam and India, and for an electric power plant in India.
