Azovmash: Bottom Line Growth Outpacing Top Line

The company posted a 13.8% growth in net revenues to USD 160.6mn in 2004, while net income grew 40% to USD 0.07mn. Azovmash is a management company for several of Ukraine’s major heavy machinery producers, including Azovzahalmash (26.1%) and Mariupol Heavy Machinery (50% + one share). Net revenues at Azovzahalmash decreased by 1.2% in 2004 to USD 259mn in 2004, while net income fell from USD 8.4 mn in 2003 to USD 0.06 mn. Net revenues at Mariupol Heavy Machinery (MZVM) rose by 39.9% to USD345.5 mn in 2004. Net income fell by 6.6% to USD 0.08 mn.