Turboatom records UAH 720 mln in gross sales in 2009

Turboatom (TATM UK) CEO Viktor Subotin said in a press release yesterday that the company recorded gross sales from products in 2009 of UAH 720 mln (vs. UAH 552 mln in 2008), and net income of UAH 125 mln (vs. UAH 145 mln in 2008), Interfax reported. Yegor Samusenko: The figures are in line with our expectations. If translated into US dollar terms and adjusted for VAT to get net revenues, management expectations imply 9% net sales growth in 2009 yoy vs. our projection of 3% growth. The net margin implied by the management estimation is 18%, in line with 19% net margin in 9M09.