Sumy Frunze reports sales down 9% yoy

Sumy Frunze (UX: SMASH UK) reported at its AGM on April 9 its 2009 financials. Last, year, the company’s net revenue amounted to UAH 3,308 mln (USD 424 mln, down 9% yoy in USD terms), net income to UAH 403 mln (USD 52 mln, 12% net margin). For 2010, the management targets USD 469 mln in revenues, implying an 11% yoy growth. Yegor Samusenko: We expected a 10% growth in the company’s last year’s sales and view its posted results as weak. We also express our doubts regarding 2010 revenue targets, as the company’s current order book for 1H10 is only  about 1/3 of 2009 level: Sumy Frunze plans to produce 15 gas compressing units (its core product) in 1H10 vs. 46 units in 2009.