Power Machines announce financial results for the first half of 2011

OJSC Power Machines, a leading Russian manufacturer of power generating equipment, communicate financial results for the first half of 2011, in accordance with International Accounting Standards (IAS). 

Power Machines continue to steadily generate profits. Net profit of the company of the first six months of 2011 has grown by 41% in comparison with that in 2010, to $138.0 million. 

Thanks to implementing the large-scale investment program aimed at lowering production cost and minimizing production expenses, the company’s EBITDA of $198.0 million represents a 34% increase over the EBITDA for 2010. 

Key Financial Statements of OJSC Power Machines for 6 months of 2011 in accordance with International Accounting Standards

$ thousand, unless otherwise stated

6 months of 2011, $ thousand

6 months of 2010, $ thousand

Diff., %

Revenue

866,926

710,795

122%

Production cost

(598,680)

(498,424)

120%

Gross profit

268,246

212,371

126%

Operating profit

173,022

119,178

145%

Operating margin, %

19.9

16.8

-

Profit before taxation

166,882

114,783

145%

Net profit

138,018

97,815

141%

EBITDA

197,983

147,811

133,9%

EBITDA margin, %

22.8

20.8

-