Donbasenergo posts 4Q09 profit of UAH 67 mln

Ukrainian power generator Donbasenergo (UX: DOEN UK) ended 4Q09 with a net profit of UAH 67.0 mln. The company ran a net loss of UAH 33.6 mln in 2009, vs. a net profit of UAH 15.2 mln in 2008. Yegor Samusenko: This is the highest ever quarterly profit earned by Donbasenergo and the first positive bottom line result after five quarters of working in the red. We attribute improved profitability to higher output prices that Donbasenergo and all GenCos were able to receive in 4Q09 after the National Electricity Regulatory Commission started increasing retail tariffs in November 2009. We expect a positive reaction by the market to the news.