Zaliv increases production 55% yoy in 9M09

Zaliv Shipyard (SZLV) raised production 54.8% yoy in monetary terms to UAH 373.6 mln in 9M09, Interfax reported yesterday, citing company sources. Zaliv’s net revenues increased 52.4% yoy to UAH 222.2 mln. Interfax also cited General Director Alexander Ivlev as saying the company intended to participate in tenders for the construction of a new corvette for the Ukrainian Navy, which are slated to be conducted at the end of this year. Yegor Samusenko: The growth in Zaliv’s sales declined from 80% yoy in 1H09 to 52% yoy in 9M09. However, manufacturing ships is a long-cycle business, which implies high variability of quarterly sales. Zaliv remains one of the three shipbuilders in Ukraine with a loaded order book. In the company’s press-release yesterday, management put its order book at EUR 80 mln, up EUR 20 mln from what was stated in its previous release in August. The order book is enough to load the plant until end-2010.