Azovmash Increases Sales by 60% yoy in 3M08.

Azovmash, the holding company for Azovzahalmash (AZGM: BUY) and Mariupol Heavy Machinery (MZVM: BUY) increased its revenue over 1Q08 by 60% yoy with USD 293.07 mln. Since the beginning of the year, Azovmash has produced 2,733 wagons and platforms (+18% yoy). Inna Perepelytsya: Azovmash’s production results are in line with our full-year expectations of 11,900 wagons (+21% yoy). Our targets currently imply upside of 70% for MZVM and 36% for AZGM.