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Luhanskteplovoz production up 2.2x yoy in February

Luhanskteplovoz production up 2.2x yoy in February

19 March 2013

Luhanskteplovoz (LTPL UK) boosted it production 2.2x yoy in February, delivering 16 diesel locomotive sections to Russian Railways (RZD), the company said in a March 18 press release. LTPL delivered 14 sections of its 2TE116U model locomotive and 2 sections of its new 2TE116UD model powered by General Electric, as compared to 14 and 8 units initially planned respectively. Luhanskteplovoz also announced it assembled it first triple-unit 3TE116U diesel locomotive last month. The company expects to deliver 14 2TE116U and 6 2TE116UD model locomotive sections to RZD in March.

Roman Dmytrenko: The company’s output growth is impressive, while we are slightly conserved about delays with its new 2TE116UD model, falling short of its January delivery plan by 50%. Though we are confident the company will meet its target of 176 2TE116U units for 2013, its 74-unit plan for the 2TE116UD model might not be achievable, putting its 2013 overall production target at risk. Nevertheless, we expect the company to demonstrate a 50% yoy production increase this year, which is still unlikely to boost its financial results due to transfer pricing.

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