MOSCOW, October 5 (RIA Novosti) - Power Machines, Russia's leading energy equipment producer, said on Monday its net profit under International Financial Reporting Standards increased 240% year-on-year in January-June to $53.1 million.
The company attributed its net profit growth in the reporting period to a diversified portfolio of orders, increased production capacity loads and a larger output.
Revenues in the reporting period climbed 56% to $166.48 million, operating income grew 159% to $70.18 million and pre-tax profit increased 323% to $66.18 million, the company said in a statement.
Power Machines is Russia's largest producer and supplier of equipment for hydroelectric, thermal, gas and nuclear power plants, and electricity transmission and distribution.
Power Machines has been chosen by the Russian government as the equipment producer and supplier for the repair and replacement of hydro turbines at Siberia's Sayano-Shushenskaya hydropower plant, which was severely damaged during the August 17 accident that killed 75 people.
