Khartsyzsk Pipe increases revenues 3.3x y-o-y in 1H11

Khartsyzsk Pipe (UX: HRTR UK) boosted its net revenue by 3.3x y-o-y in 1H11, Interfax reported yesterday. The manufacturer’s net income was UAH 195 mln in 1H11 versus a net loss of UAH 9 mln in 1H10. Khartsyzsk Pipe increased pipe output by 2.9x y-o-y to 296.9 ths mt in 1H11 (34.7% of Ukrainian production). The company’s first-half financial results are in line with our expectations; we reiterate our BUY recommendation with a target price USD 0.31.