The company reported net profit of Ruble 1,437M (US$47M) from nearly Ruble 5M (US$0.2M) last time. Revenues jumped to almost Ruble 9,000M (US$294M) from Ruble 5,729M (US$187M) in the first three months of 2008.
Following the reporting period, in the second quarter of this year Power Machines signed an additional agreement with utility Elektrohozyaystvo Serbia to refurbish and upgrade the Dzherdap-1 plant. The contract is worth approximately US$140M.
Dzherdap-1 was built in the early 1970s with Soviet assistance to Yugoslavia.
The works call for refurbishment of the plant's six generating units by 2015, with one unit being upgraded annually - the first being underway. Each unit will be increased in capacity by about 15% to 201MW, which is to add another 500GWh of electricity per year to output.
The agreement modifies the initial contract, which was signed in 2003 but funding difficulties for the client prevented the works being done. Power Machines has already manufactured the new turbine and generator for the first unit to be upgraded.
Separately, Power Machines is also working on the refurbishment of the Dzherdap-2 plant.
