Russia’s leading power engineering company Power Machines saw its 2012 first half net profit jump 13.7 percent year-on-year to $156.9 million to IFRS, the company said in a statement on Wednesday.
The company’s revenue grew 6.7 percent in the first six months of 2012 to $925.3 million with EBITDA rising 18.6 percent to $234.8 million compare with the same period last year.
“The financial results grew mainly owing to implementation of a large-scale investment program aimed to raise productivity, … reduce expenses, raise production load and volume of completed products,” Power Machines also said.
The company’s capital expenses were cut to $83.040 million in January-June 2012 from $177.852 million in the same period last year.