Centrenergo reports 6% EBITDA margin in 3Q10

Centrenergo (UX: CEEN UK), the electricity generating company with 7.6 GW installed capacity, reported 20% y-o-y revenue growth to UAH 1,490 mln in 3Q10, according to a company filing yesterday. EBITDA amounted to UAH 93 mln in 3Q10, with a margin of 6% vs. 2% in 3Q09, and net income came to UAH 8.5 mln, with a margin of 1% vs. -5% in 3Q09. Yegor Samusenko: Compared to its peers Centrenergo’s 6% EBITDA margin in 3Q10 looks small. Nevertheless, we confirm our projections for 2010E EBITDA of USD 89.3 mln (a margin of 10%) since fourth quarter is the high-load season for electricity generating companies, which results in higher profits.