Donbasenergo's net revenue up 8.6% yoy in 9M09

Donbasenergo (DOEN) reported its 9M09 financial results yesterday according to Ukrainian Accounting Standards. The company’s net revenues rose 8.6% yoy to UAH 1.7 bln; its net loss was UAH 100.6 mln (vs. net income of UAH 64.6 mln in 9M08). Yegor Samusenko: We view these results as positive: EBITDA in 9M09 increased to zero from minus 2.6% in 1H09. We expect GenCos will be able to operate at close to zero EBITDA until the presidential elections. For the whole sector, we expect a return to positive profitability only after elections, when electricity tariffs are expected to be allowed to float.