SUMY, Ukraine, April 25 /PRNewswire/ -- JSC Sumy Frunze NPO (KSE:SMASH), Ukraine's premier machine-building corporation in the petroleum sector, today announced substantially higher 1Q sales, along with ambitious plans to double gross revenue within two years. By 2009, Sumy Frunze NPO aims to reach a US$600 million sales target, double sales for 2007, Victor Choban, general manager, said.
Sumy Frunze NPO production capacity having been expanded, the company's newly declared priority is attracting more customers to fully utilize this capacity.
In 1Q 2008, Sumy Frunze NPO boosted sales four-fold, to US$168.15 million, compared with US$38.13 million in 1Q 2007.
In January-March 2008, Sumy Frunze NPO manufactured US$112.32 million worth of products - well ahead of the last year's level (US$87.18 million). The company expects this growth to accelerate for the year, with production expected to rise by 51.2% on year-to-year basis. The increase is driven by high demand for machinery produced by Sumy Frunze NPO, which is the leading machine-builder in Europe and has benefited from the introduction of the new innovative management.
Sumy Frunze NPO is a well recognized supplier to the markets in the Russian Federation, Kazakhstan, Turkmenistan, Iran, India and elsewhere. Exports account for 95% of overall output.
About Sumy Frunze NPO
Joint Stock Company Sumy Frunze NPO, listed on the Kiev Stock Exchange, is part of the Energy Standard Group and, with over 19,000 employees, is among Europe's largest manufacturers of compressor stations and plants, gas pumping and turbine compressor machines, pumps, chemical and oil refining equipment. Energy Standard Group was founded and is owned by the businessman Konstantin Grigorishyn.
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