MOSCOW, March 24 (RIA Novosti) - The net profit of Russia's leading heavy machinery manufacturer nosedived in 2005, the company said Friday.
Silovye Mashiny said in a statement that, according to Russian Accounting Standards, its net profit fell 77% year-on-year in 2005 to total 194,180,000 rubles ($7 million).
The company (RTS ticker: SILM) declined to name the reasons for the fall.
Silovye Mashiny (Power Machines) produces equipment for hydro, thermal, gas and nuclear power plants, and the transportation industry. The company has clients in 87 countries.
Silovye Mashiny's market capitalization grew 44% in January to total $810 million on January 30.
