OJSC "Power Machines", the largest Russian power engineering equipment, reported its financial results for the first half of 2013, prepared in accordance with International Accounting Standards (IAS).
The consolidated statements have been prepared by a group of companies of OJSC "Power Machines" in view of its subsidiaries. Audit of financial statements audited by KPMG.
Its earnings for the six months of this year amounted to 979 million 049 thousand U.S. dollars, which is 6% more than in 2012. Net income for the six months of 2012 increased by 21% compared to the same period in 2012 and amounted to 190 million 519 thousand U.S. dollars.
Financial indicators consistently show steady growth. On their positive trend is substantially affected by the implementation of an investment program aimed at improving productivity, reducing costs and minimizing costs in production, an increase in capacity utilization and volume of shipments of manufactured equipment.
In the period from 2012 to 2014, guided by international best practices, the company is implementing a comprehensive program — "Business System of OJSC" Power Machines ", aimed at improving the internal efficiency. In accordance with this program, focused on continuous optimization of production processes, improvement of design development, safety of personnel, customer satisfaction and improved business processes, the company expects to achieve cost savings and improve competitiveness.