Turboatom's net revenues up 38.7% yoy in 1H09

Turboatom (TATM) said in a company filing on Friday that its net revenues grew 38.7% yoy to UAH 322.53 mln. The turbine equipment maker also said its net income was up 77.5% yoy to UAH 51.0 mln. Yegor Samusenko: Turboatom remains one of the few machinery companies that is continuing to grow sales in 2009. Though the company decreased revenues in 2Q09 from 1Q09, by UAH 49 mln (26%), we believe this was the result of accounting policies. Most of the company’s orders are long-term, and thus can be interpreted in sales in various methods. In addition, Turboatom has about UAH 67 mln in inventory, which could boost sales further in the future. We forecast Turboatom’s 2009 revenues to pick up by 55% yoy to UAH 850 m (3% growth in dollar terms).