MOSCOW, May 15 (RIA Novosti) - Silovye Mashiny (RTS: SILM) said Monday its earnings in January-March had fallen 7.6%, to 3 billion rubles ($111 million).
The leading Russian heavy machinery manufacturer's gross profit dropped by 48.6%, to 760 million rubles ($28.2 million).
Silovye Mashiny earlier said its net profit calculated to Russian accounting standards had nosedived 99.6% to roughly $88,000 in January-March against Q4 2005. The company attributed the decline to delays in the production and shipment of long-cycle equipment.
Silovye Mashiny produces equipment for hydro, thermal, gas and nuclear power plants, and the transportation industry. The company has clients in 87 countries. Its revenues totaled almost $600 million in 2005, including $7.1 million in net profit.
