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    Russian Power Machines posts $1.5 bln net profit in 1H08

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    MOSCOW, July 31 (RIA Novosti) - Power Machines, a Russian energy equipment producer, said Thursday its net profit calculated to Russian Accounting Standards totaled 35.55 billion rubles ($1.5 billion) in January-June 2008.

    In January-June 2007, Power Machines posted a net loss of 590.85 million rubles ($25 million).

    "The financial results are evidence of the increased efficiency of the company's business and the effectiveness of measures aimed at improving the company's financial position," Power Machines said in a statement, adding that the growth was "also due to the implementation of large projects in the first half of 2008 for the delivery of power equipment."

    Revenues grew 30.5%, year-on-year, in January-June 2008 to 11.41 billion rubles ($489 million), and earnings before interest, tax, depreciation and amortization (EBITDA) totaled 468.48 million rubles ($20 million) against a loss of 14.1 million rubles ($650,000) in January-June 2007.

    Power Machines is Russia's largest producer and supplier of equipment for hydroelectric, thermal, gas and nuclear power plants, and electricity transmission and distribution.

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