Cryogenmash closing Yekaterinburg branch
The decision to close the one branch came from the company's board of directors, and in doing so the company's articles have been fully adjusted, AKM.ru reports.
The closing likely stems from the debt increases and revenue decreases that the company has been seeing. The net loss of JSC Cryogenmash for January 2011 through September 2011 rose by 17.28 percent to $29.8 million, up from $25.4 million for the same period in 2010.
Revenue decreased 1.71-fold to $28.5 million from $48.9 million, with a sales loss of 25.32 percent to $12.3 million from $16.5 million, according to the information and retrieval system DataCapital.
The largest Russian producer of air separation technologies and equipment, JSC Cryogenmash also delivers technical gases and develops integrated solutions for the conversion of casing-head gas, natural gas and LNG.
The company's equipment and facilities account for approximately 90 percent of the annual output of technical gases in Russia, according to AKM.ru.
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