Motor Sich says its net income was UAH 39.9 mln in 1H09

Motor Sich (MSICH) CEO Vyacheslav Boguslayev said that his company’s net income totaled UAH 39.9 mln in 1H09, Interfax reported yesterday. Boguslayev also said that Motor Sich planned to deliver 420 aircraft and helicopter engines in 2009, including 260 to Russia. Yegor Samusenko: Motor Sich’s management cited the same net income in figure 1H09 as the company earned in 1Q09, meaning that the company added zero to its bottom line in 2Q09. In general, Motor Sich operates under long-term contracts and exhibits significant fluctuations in quarterly bottom lines. We believe the market has already priced in 1Q09 net income and will take a neutral view of the company’s 1H09 bottom line.