MOSCOW, October 31 (RIA Novosti) - Power Machines, Russia's leading heavy machinery manufacturer, said on Friday its net profit calculated to Russian Accounting Standards reached 229 million rubles ($8.6 million) in January-September 2008.
The company posted losses of 1 billion rubles ($37.7 million) in the first nine months of 2007.
"The performance reflects the effectiveness of efforts by the company's management to increase the company's efficiency in the difficult economic situation," the statement reads.
Power Machines accounts for 37% of Russia's turbines, turbo-generators, hydro-generators and electrical equipment market. It produces, assembles, services and modernizes equipment for hydro, thermal, gas and nuclear power plants and the transportation industry. The company has clients in 87 countries.
