Turboatom Sales Increase 37% In 2004 To USD 52 Mn

The company’s output grew by 5.5% to USD 47.7 mn. In 2004, Turboatom exported 76% of its output, including 56% to non-CIS countries. The largest deliveries in 2004 include steam turbines to nuclear stations in India, hydraulic equipment for a hydroelectric power plant in Mexico, a hydroelectric station on the Dnieper, and the Kamsk hydroelectric station in Russia. Concorde Capital: The company’s top-line dynamics were 21% higher than management planned. In 2005, Turboatom?s order-book will include the delivery of two turbines for the Kamsk hydroelectric station costing USD 3 mn total. The company will participate in a USD 19.2 mn project for modernizing an energy block at the Burshtyn thermoelectric station (Lviv oblast), and USD 4.23 mn for the modernization of a hydroelectric power station in Vietnam. The company will also deliver turbines for the Kyiv, Kaniv and Dniprodzerzhynsk hydroelectric stations. Turboatom is on the government?s list of strategically important enterprises and is 75.22% controlled by the state. The rest belongs to the Energy Standard Group. The government might sell its 10-15% Turboatom?s stake this year.