Centrenergo reports small improvement in net margin in 2011

Centrenergo (CEEN UK) increased net income 3.7x yoy to UAH 35 mln in 2011, the company said in an AGM announcement yesterday. The figure implies a slight increase in its net margin from 0.2% in 2010 to 0.5% last year. The company will hold its AGM on April 6.

Alexander Paraschiy: The full-year income was a disappointment after UAH 499 mln result for 9M11 (9.7% net margin), and Bloomberg consensus of UAH 296 mln. The market has already priced in the news by pushing CEEN’s price 2.9% lower yesterday, and we do not expect any other reaction.