Poltavaoblenergo raises net revenue 33.7% yoy in 1H09

Poltavaoblenergo (POON) increased its net revenue 33.7% yoy to UAH 842.9 mln in 1H09, according to Ukrainian Accounting Standards, the company announced yesterday. Poltavaoblenergo also posted gross income of UAH 133.7 mln (up 49.1% yoy) and net income of UAH 79.9 mln (up 2.1x yoy). Yegor Samusenko: We attribute Poltavaoblenergo’s high 1H09 net income (up 106% yoy) to the state goosing its numbers in order to boost its profile; the government has been attempting to sell a 25%+1 stake in Poltavaoblenergo since April, but has not received any claims from participants.