OJSC Power Machines declares its financial outcome for the nine month period of 2009 in accordance with RAS

OJSC Power Machines made accounting statements for the nine month period of 2009 in accordance with Russian Accountancy Standards (RAS).

Power Machines’ revenue for the nine month period of 2009 amounts to 34,521,156 thousand roubles, an increase of 91% over the 2008 corresponding figure (18,098,730 thousand roubles).

The increase in revenue is mainly due to such projects as Kaliningradskaya CHP, Boguchanskaya HPP, Pervomaiskaya CHP, Kalininskaya NPP, Kirishskaya TPP, TPP Sisak (Croatia) and others.

Gross profit for the nine month period of 2009 amounts to 8,622,810 thousand roubles, which 2.1 times exceeds the corresponding figure (4,039,833 thousand roubles) reported in the accounting period of 2008.

The company’s net profit is 3,890,370 thousand roubles, an increase of 17 times as compared to 229,240 thousand roubles in 2008.
Power Machines’ financial statements for the nine month period reflect the company’s improved performance and strong financial position. The growth in financial indicators is mainly attributed to the company’s product portfolio diversification, increased utilisation of production capacities and a growth in shipments of manufactured equipment.

Financial statements of OJSC Power Machines for the nine month period of 2009 

Indicator

For accounting period of 2009
thousand roubles

For corresponding period of 2008
thousand roubles

Revenue

34,521,156

18,098,730

Production cost

(25,898,346)

(14,058,897)

Gross profit

8,622,810

4,039,833

Profit (loss) on sales

5,291,234

672,407

Net profit (loss)

3,890,370

229,240