Motor Sich raises net income by 67% y-o-y in 1H11

Motor Sich’s (UX: MSICH UK) net income increased by 66.9% y-o-y to UAH 707.9 mln in 1H11, and net revenues grew by 21.0% y-o-y to UAH 2.4 bln, Interfax reported yesterday. Vitaly Gorovoy: Motor Sich’s 1H results are generally in line with our expectations. We expect 2011E revenues will be up 22.5% y-o-y to UAH 6.2 bln and net income up 48.1% y-o-y to UAH 1.8 bln. We note the company’s revenues in 2H11 are usually larger than in the first half of each year.