Turboatom anticipates 380 million UAH net profit from its contracts in 2014

At its meeting on Dec. 25, the Cabinet approved a financial plan 2014 for Turboatom Kharkov with a net profit of 380 million UAH. The estimate was based on performance of the awarded contracts with deadlines in 2014, the Information-Analytical Bulletin of the Cabinet of Ministers of Ukraine informs.

The total capacity of the turbine equipment under the contracts is 3,131 kW, up 262.2 kW from 2013. It should be noted that the Turboatom’s profit in 2013 was planned in the amount of 351.662 million UAH, up 13.8% (or 42.8 million) YOY.

But in September of 2013, the income of Turboatom reached 399.6 million UAH, which is up 68.2% YOY, net income grew by 31.7%, to 1.279 billion UAH.

Experts explain the high performance by the fact that in 2013 a steady structural modernization of Ukrainian energy systems began where the Kharkiv company plays a central role. In fact, Turboatom products are used at 40% of thermal, 85% nuclear and 95% hydro power plants across Ukraine, with total capacity of 60 million kilowatts.

Also, the successful business allowed to give a 10% pay raise  to  5,000 employees of the Kharkiv company (average salary is 5,869 UAH).