Business News, 29/11/2017

Electrovazhmash Boasts about High Profits

As of September 2017, Electrovazhmash shows an increase in sales up to 1 billion UAH, and its net profit exceeds 6 million UAH ($220,000).

Acting General Director of the plant Dmytro Kostiuk reported about this achievements today, adding that the plant now has good prospects with the orders portfolio of more than 3 billion UAH (about $111 million). Also according to Kostiuk, the orders will grow by another 2 billion UAH soon.

Currently, the previous director of the plant, Volodymyr Hlushakov, who was dismissed in 2015 by the minister of economy, is trying to get his position back by the court pleading. At the same time, he accuses the present administration of poor work results.

“There was a hard period for the plant earlier,” admits acting director Dmytro Kostiuk. “We lost the Russian market in 2014, and the plant incurred losses. Now we managed to compensate this recession with new orders. The plant is increasing output steadily and entering new markets.”

According to Kostiuk the salary of employees has increased by 38% on average.

Among the contracts, there is the installation of two hydro generators for the Rogun HPP (Tajikistan) and reconstruction of the Kaniv and Kyiv power stations. Also, the executives are proud of expanding to the Indian market.

Text: Olena Sokolynska