Novomoskovsk Pipe Posts 5% Sales Increase.

The company (NVTR: BUY) reported 1H06 sales of $70.4m (up 5.1% yoy) and net income of $2.2m (up 69% yoy). Andriy Gostik: NVTR’s half-year performance suggests the company is likely to live up to our full-year sales forecast of $157m, but full-year net income will probably fall below our previous projection of $10.3m. It appears that the company is not reducing transfer pricing as quickly as we expected.