The Ljubljana-based group's revenues increased by almost half in 2016 compared to 2015, when it posted a net loss of EUR 1.98m, a filing with the Agency for Public Legal Records (AJPES) shows.

The core company made EUR 799,000 in net profit, an eight-fold increase on 2015, and increased sales revenues by a third to EUR 39.3m.

Marko Tandler, the director general of Litostroj Power, noted that a lot of effort was put into better use of synergies within the group last year. Entering new markets, tending to existing customers and efficiently implementing existing projects were also at the forefront of group efforts.

"We made a total of EUR 35m of new deals last year. Performance of the group as regards new deals in three consecutive years indicates that we'll sustain growth and have a stable position in the market," Tandler wrote in the annual report.

He told to the press that the group was embarking on the construction of the plant in Turkey which will cost more than EUR 10m.

The decision is not motivated by cheap labour, instead the plant will be built there because of the country's "geographic position and the fact that there is no real local supplier in Turkey". Tandler also expects the Turkish subsidiary to make it easier for the group to cover the Middle East.

The plant will also produce generators, a step up from the group's current portfolio of producing exclusively turbines.

"We've already established our own R&D department with more than ten people. The idea is to cover and offer the entire turbine-generator system under our own trademark."

Tandler also told Svet kapitala that they were backed in their venture by the owner, the Czech company Energo-Pro, which acquired Litostroj Power in April 2014.