OREANDA-NEWS. On 27 March 2009 OMZ (Uralmash-Izhora Group) (RTS: OMZZ; LSE: OMZD) announced its audited consolidated financial results for 2007 prepared in accordance with International Financial Reporting Standards (IFRS) and its unaudited IFSR consolidated financial results for the first half of 2008.

In 2007 the company’s revenues rose 35% to USD  960 million. Operating profit and net profit for the year reached USD  159.9 million and USD  120.3 million, respectively. During the first half of 2008 the Company continued to show strong results – its revenue increased by 67% as compared to the same period in 2007 and reached USD  589.6 million. Operating profit and net profit for the period reached USD  61 and USD  35.6 million, respectively.

The company’s business in the Specialty Steel segment (production of semi-finished metallurgical products for machine building and other sectors) has experienced stable and positive growth. Revenues in this business sector increased 38% in 2007 and 73% in 1H 2008 to reach USD  542.4 million and USD  354 million, respectively. OMZ continues to actively develop and invest in its metallurgical business. One of the key investment projects launched in 2006 was the construction of an advanced 120 ton electric steel furnace by OMZ Specialty Steel which the Company continues to implement.

In contrast to 2006, 2007 and the first half of 2008 saw the active implementation of the Federal Program for Development of Russia’s Nuclear Energy Industrial Complex In The Period 2007-2015. As a result, OMZ’s nuclear equipment business grew 76% in 2007 and 170% in 1H 2008 to reach USD  256.2 million and USD  155.8 million, respectively.

Revenues from the production and maintenance of mining equipment reached USD  159.2 million in 2007 and USD  113.5 million in the first half of 2008.

The 2007 consolidated financial results of the Company were audited to International Financial Reporting Standards (IFRS) by PriceWaterhouseCoopers. The complete set of accounts for both 2007 and 1H 2008 can be viewed on the Company’s website www.omz.ru and will be available at the Document Viewing Facility of the UKLA at The Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS, UK.