Daily News

  • February Budget Revenues Meet Government Plans

    According to the Finance Ministry, budget revenues were 0.1% higher than planned in February, or ~USD1.84 bn. A 25.5% over-collection of corporate profit tax, compensated for personal income tax collection which was 5.7% below the targeted level.

  • Official Unemployment Rate Unchanged At 3.6% In February

    A total of 1.05 mn unemployed (or 3.6% of the working-age population) was registered with the State Employment Service as of March 1, 2005.

  • Ukrnafta?s Crude Jan-Feb Extraction Down 1.5% YoY To 481.0 Ths Mt

    In the first two months of 2005, Ukrnafta?s oil and condensate output was 72.2% of Ukraine?s total output, a 2.4% yoy decline. In February alone, extraction of oil and condensate in Ukraine declined 2.5% yoy to 317.7 ths mt, while Ukrnafta?s output was down 1.8% yoy to 229.5 ths mt.

  • Natural Gas Extraction Rises 1.7% YoY, To 3,345.8 Mn Cm In Jan?Feb

    For the same period, Ukrnafta decreased its gas output by 7.4% yoy to 514.2 mn cm. In February, Ukraine?s gas extraction was down 0.2% yoy to 1,580.3 mn cm. Ukrnafta?s gas extraction fell 9.7% yoy to 241.5 mn cm. Ukrnafta?s is Ukraine?s second largest gas extractor after Naftogaz? fully owned subsidiary, Ukrgazvydobuvannia.

  • Gas Ukrainy Resumes Supply To Kyivenergo (KIEN)

    Gas Ukrainy, Ukraine's largest gas supplier and a subsidiary of state company Naftogaz, has resumed gas deliveries to Kiev CHPP #5 and #6 leased by Kyivenergo. On 16 February, Kyivenergo shut down its first power unit of CHPP 6 because of gas supply limitations. Supplies were restructured due to Kyivenergo?s debt to Gas Ukrainy. Kievenergo plans to settle the debt by April. Concorde Capital: Kievenergo requested that debt payment be prolonged until April 2005, but Naftogas refused. A new head of Naftogas was appointed earlier this month and the supply conflict has been resolved. Now we will see if KIEN will be able to pay its debts by the end of the month.

  • Cherkassyoblenergo Announces 2004 Results

    Regional distribution company Cherkassyoblenergo (CHON) posted net revenues of USD 58 mn and net losses of USD 6.6 mn. Concorde Capital: Cherkassyoblenergo supplies the Cherkassy region located in central Ukraine. CHON stocks are illiquid and not traded on the PFTS. We rank CHON #15 out of 26 Oblenergos (see our 28 February Oblenergo report).

  • January Crude Steel Output

    January steel production data was published for several steel mills today and yesterday:
    Jan-05 Dec-04 Chg mom,% Jan-04 Chg yoy,%
    AZST 487.5 529.2 -7.9% 464.0 5.1%
    KRST 579.3 572.2 1.2% 628.9 -7.9%
    Dzerzhynskogo 294.3 233.1 26.3% 306.6 -4.0%
    ALMK 306.9 293.4 4.6% 309. -0.8%
    Petrovskogo 77.8 46.9 65.9% 110.1 -29.3%

  • Ukraine?s GDP Rises By 4.5% YoY In Feb

    As a result of the February increase, GDP increased 5.5% YTD. January?s gross domestic product increased by 6.5% yoy. Concorde Capital: This year?s pace of growth is two times lower than in 2004, as expected. A slowdown in industrial output (7.3% versus 18.2% in Jan-Feb 2004) and wholesale and retail trade (1.8% versus 9.4%), as well as negative growth rates in construction, contributed to the lower real GDP growth. Among the growth factors was the processing industry (up 8.5% yoy) and transportation (up 7.2% yoy). The government forecasts an 8.2% GDP growth in 2005. We are slightly less optimistic and still maintain our 7% GDP growth estimate for this year.