United Heavy Machinery reports rise in revenues

Russian machine building company United Heavy Machinery posted a 12 percent increase in preliminary 2002 revenues to $394 million. The figure is in line with Russian Accounting Standards, which differ from Western ones but are used by analysts to estimate trends. The company's earnings in accordance with GAAP are expected in the second quarter of 2003. The growth in sales came from acquisitions, which added $35 million to 2002 sales, accounting for 80 percent of the increase," Aton analysts said in a morning comment.

United Heavy Machinery produces ships and equipment used in the power and other industries, the Russia Journal reported.

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