RIA Novosti reported that Russia leading power engineering company Power Machines saw its 2012 first half net profit jump 13.7%YoY to USD 156.9 million to IFRS.

The company revenue grew 6.7% in the first six months of 2012 to USD 925.3 million with EBITDA rising 18.6% to USD 234.8 million compare with the same period last year.

Power Machines also said "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."

The company capital expenses were cut to USD 83.040 million in January to June 2012 from USD 177.852 million in the same period last year.

Source - RIA Novosti

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