Sadovaya Group reports USD 20.4 mln in revenue in 1Q11

Sadovaya Group (WSE: SGR PW), a coal mining company operating in Ukraine, reported USD 20.4 mln in revenue in 1Q11, up 3.3x y-o-y. EBITDA for the period grew to USD 5.2 mln, up 2.9x y-o-y. Yegor Samusenko: Despite notional top line growth in 1Q11 which is primarily due to a low base, the company’s prospects are dependent on its ability to launch a coal waste reclamation business. The company said it expects the unit to become operational in 2H11, but we expect a start either in late 2011 or in the first half of 2012.