Donbasenergo raises sales by 45% yoy and net income by 2.6x yoy in 1H08
23 July 2008
Today generation company Donbasenergo (DOEN: BUY) disclosed its financial results for 1H08: net revenue of USD 211 mln (+45% yoy); EBITDA of USD 31.2 mln (+27% yoy; margin 14.8%), net income of USD 14.3 mln (+161% yoy; margin 6.8%). Alexander Paraschiy: Out of the company’s reported EBITDA, USD 10.5 mln came from special surcharge to cover payments on loan for construction of new power unit at Starobeshev TPP. Adjusted for surcharge payments, the company’s EBITDA grew 14% yoy. New unit at Starobeshev TPP, which uses efficient CFB technology of coal burning, is now being tested, and is scheduled to start being used in commercial mode in fall 2008.Its commissioning will improve fuel efficiency of Donbasenergo and its competitiveness at the market in 2009.
