Russia’s leading power engineering company Power Machines saw its 2011 net profit jump 26.4 percent year-on-year to $323.044 million to IFRS, the company said in a statement on Monday.
Revenue grew 1.7 percent last year to $1.7 billion, while pre-tax profit rose 29.9 percent to $390.084 million. Earnings Before Interest, Taxation, Depreciation, Amortization (EBITDA) went up 22.2 percent to $443.860 million.
Operating profit amounted to $373.647 million in 2011, a 19.43 percent growth compared with 2010, while gross margin increased 15.91 percent to $569.606 million in the reporting period.
“Financial results grew mainly due to the implementation of a large-scale investment program aimed to raise productivity, … reduce expenses, raise production load and volume of completed products,” the company said in the statement.