Daily monitor

According to a press release issued by the Azovmash holding, which includes freight railway producers Azovhalmash [AZGM UZ, U/R] and Mariupol Heavy Machinery Plant [MZVM UZ, U/R], the company ended 1Q09 with a net profit of UAH 0.655 mln. Net sales for the same period decreased by 23.4% to UAH 14,511 mln.

The State Property Fund of Ukraine sold its 27% stake in Lvivoblenergo [LVON UZ, BUY] to a local equity trader, TEKT Trade, for UAH 197 mln (USD 26 mln). Two companies were bidders and the deal price did not rise much compared to the SPF’s initial price of UAH 171 mln for the 27% stake in LVON..

According to a press release Ukrsotsbank[USCB UZ, U/R] has increased its statutory capital by UAH 200 mln to UAH 1.27 bln. The bank issued 2 bln shares, each with a par value of UAH 0.1. Shares were sold at a price of UAH 0.25, therefore the bank’s equity was increased by UAH 500 mln to UAH 5.75 bln.

According to a press release issued by the Bogdan Automobile Plant [LUAZ UZ, U/R], the company ended 1Q09 with a net loss of UAH 42 mln (USD 5.45 mln). Net sales for the period increased by 80.64% to UAH 355.4 mln (USD 46.2 mln).

The Kharkiv-based OJSC Turboatom [TATM UZ, HOLD] – the largest turbine manufacturer in Ukraine and – has announced its financial results in 1Q2009: net sales grew by 60.4% to UAH 185.6 mln; net profit decreased by 4.7% to UAH 26.2 mln.

According to a press release issued by Ukrtelecom [UTLM UZ, U/R], the company ended 1Q09 with a net loss of UAH 181.6 mln (USD 23.6 mln). Net revenues for the same period increased by 0.9% to UAH 1,678 bln (USD 217.9 mln).

The April 24 AGM at Mariupol Illich Iron & Steel Works [MMKI UZ, U/R] went mostly as planned. In particular, the entire FY08 net income, USD 258 mln, will be reinvested.

The April 27 AGM of Donetsk Metal Rolling [DMPZ UZ, SELL] confirmed our view that the situation there is very difficult.

Kovelmoloko [KMOL UZ, HOLD], a Ukrainian dairy producer, increased its net revenues in 2008 by 7.1% YoY to UAH 285.9 mln (USD 37.14 mln). The company’s net income shrank by 60% YoY to UAH 1.4 mln (USD 0.2 mln).

Western Ukraine’s power generating company, Zakhidenergo [ZAEN UZ, U/R], posted a UAH 80.7 mln (USD 10.5 mln) net loss in 1Q2009. The company’s net revenues grew 16.8% YoY in 1Q2009 to UAH 1 266.6 mln (USD 164.5 mln). Meanwhile, DTEK’s representatives claimed that ZAEN has accumulated a historically high 300 thsd metric tonnes of coal in storage.