Luhanskteplovoz raises production twofold y-o-y in 8M11

Luhanskteplovoz (UX: LTPL UK, BUY) produced 52 2TE-116UM and 12 2TE116U diesel locomotive sections, as well as four 2EL-5 and four 2EL-4 electric locomotives sections in 8M11, Interfax reported yesterday. The total value of the sections was more than UAH 1 bln, up 2x y-o-y, according to the report. The company made 10 locomotive sections (2TE-116UM) for Ulan-Bator Railway (Mongolia), four locomotive sections (2TE116U) for RZD (Russia) and two electric locomotives sections (2EL-4) for Ukrzaliznytsya in August 2011, worth UAH 238 mln, also up 2x y-o-y. Vitaly Gorovoy: Luhanskteplovoz’ 8M11 production figure is generally in line with our projections. We expect Luhanskteplovoz to post a top line of UAH 1.5 bln in 2011, up 76% y-o-y.