Turboatom completes Chinese turbine order

Turboatom (TATM), according to Ukrainian News, made its first delivery of six turbine propeller sets to China’s In-Pan hydroelectric power plant for UAH 20 mln. The company will send the Chinese plant a further delivery of propeller blade sets in September. Turboatom signed the contract in March 2008 for over EUR 7.5 mln. Turboatom also said yesterday that it would deliver the first of four hydroturbines to China’s Shansigou hydroelectric power plant in October; in June 2008 Turboatom agreed to a EUR 12 mln contract to make equipment for the plant. Yegor Samusenko: On the back of a slight reduction in the investment programs of nuclear and thermal power generators worldwide, Turboatom is successfully increasing its share in the production of energy equipment for hydroelectric power plants. We forecast Turboatom’s 2009 revenues to pick up by 55% yoy to UAH 850 mln (3% growth in dollar terms).