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JV of Atomenergomash, GE posts net loss of 482 mln rubles in 2019 against profit in previous year


MOSCOW. July 10 (Interfax) - Turbine Technology AAEM, based in St. Petersburg, posted a net loss of 482.2 million rubles in 2019 against net profit of 452.2 million rubles in 2018, according to the company's report.

AAEM is a joint venture of Rosatom Group's machine building division JSC Atomenergomash, which owns 51%, and General Electric (GE), which owns 49%. The JV was created in 2007 for supplying turbine hall equipment for Russian and foreign nuclear power plants built using Russian reactor technology.

According to its report, AAEM's revenue grew 33.8% in 2019, to 1.4 billion rubles, production costs rose 24.6% to 1.2 billion rubles, and gross profit soared 175.7% to 177.7 million rubles.

In 2019, the company received sales profit of 61.6 million rubles against a loss of 29.8 million rubles the year before.

AAEM's selling expenses reduced 30.4%, coming to 9.1 million rubles, and administrative costs grew 31.8% to 107 million rubles.

AAEM focuses on production of steam turbines and generators with ratings 1000-1800 MW based on the half-speed Arabelle technology, integration and delivery of equipment packages using the half-speed Arabelle technology for turbine islands of nuclear power plants with Russian VVER-type reactors, and service and retrofit of nuclear power plant turbine island equipment.

AAEM's order portfolio includes delivery of equipment for the Akkuyu NPP in Turkey, the Hanhikivi-1 NPP in Finland, the El-Dabaa NPP in Egypt, and the Paks NPP in Hungary.

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