Dniproenergo releases 1Q09 results

Dniproenergo (DNEN) decreased its net revenue in 1Q09 by 20% yoy to UAH 1025 mln, its EBITDA by 83% yoy to UAH 21.6 mln, and its net income to negative UAH 49.1 mln (compared to UAH +33.3 mln in 1Q08). Alexander Paraschiy: The company’s weak results are explained by both a significant drop in power production (-34% yoy), and a lag between tariff and costs growth over 2008-2009.