Nord Announces 2006 Results

Nord (NORD), a Donetsk-based refrigerator producer finished 2006 with a net profit of USD 0.9 mln (down 16% yoy). The complete financial results are expected to be announced at the company’s AGM on April 20. Olha Pankiv: We believe the decrease in Nord’s profitability is due to tightening competition on Ukraine’s market for household equipment, as multinational producers cut costs by opening production facilities in Russia and import to Ukraine. According to our estimates, Nord held a 20% market share in refrigerators’ sales in Ukraine last year.