Luhanskteplovoz revenues total just UAH 6 mln in 1Q10

Luhanskteplovoz (UX: LTPL UK) decreased its net revenues 37.7% yoy in 1Q10 to UAH 5.8 mln, the company reported yesterday in a filing. The locomotive maker also said its net loss during the period amounted to UAH 35.3 mln (vs. net loss of UAH 12.7 mln in 1Q09). Yegor Samusenko: We note posted sales in 1Q10 were close to zero and are not representative. Luhanskteplovoz historically reports a larger portion of its earnings in 2H, which we attribute to accounting policies for reporting long-term contracts.