Chernivtsioblenergo Announced 1H05 Results

Chernivtsioblenergo (CHEN: HOLD) finished 1H05 with USD 15.56 mln net revenue and USD 1.89 net losses (+$0.11 mln 1H04). The company has reduced electricity supply to end users by 19% yoy. Concorde Capital: Main reason for CHEN?s negative income is high electricity losses in the grid: +13% 1H05 of total electricity purchased. The company’s losses are about 40% of electricity; the worst result among all Oblenergos.