Dniproenergo and Centrenergo Announce Positive 3Q06 Results

Generation company Centerenergo (CEEN: HOLD) reported 38.1% yoy net revenue growth for 9M06 (to USD 325.7 mln), and net losses of USD 27.5 mln. Dniproenergo (DNEN: BUY) reported 44.6% yoy revenue growth (to USD 380 mln) and net losses of USD 0.67 mln. Alexander Paraschiy: The companies have been successful in applying the law on debt write-offs and reduced their risk of bankruptcy. Accounts payable declined significantly during the last quarter: DNEN by USD 90 mln (to USD 151 mln), and CEEN by USD 37 mln (to USD 165.5 mln). The net loss for both companies was due to temporary differences in their tax accounts.