Chernivtsioblenergo ups net revenues 15% yoy in 1H09

In a company filing with the State Securities and Exchange Commission, Chernivtsioblenergo (CHEN) said that it increased its net revenues 21.6% yoy to UAH 210.6 mln, gross income by 12.3% yoy to UAH 33.9 mln, and net income by 44.7% yoy to UAH 25.8 mln. Yegor Samusenko: Chernivtsioblenergo’s 1H09 EBITDA of UAH 39.1 mln is positive news for the company and implies that our annual EBITDA forecast for 2009 of UAH 57.1 was too conservative. We attribute this to the fact that Chernivtsioblenergo has the smallest share of industrial customers among Oblenergos and thus suffered less than others from the decrease in electricity consumption by the industrial sector.