Bagliy Coke Reports Loss of USD 14.0 mln in 2007

Bagliy Coke (BKOK: BUY) posted 2007 net sales of USD 90.8 mln (down 33% yoy) and a net loss of USD 14.0 mln (vs net income of USD 761 ths in 2006). Andriy Gerus: Bagliy Coke’s net sales are 19% below our forecast of USD 112 mln and net loss is threefold higher than our expectations of a loss of USD 4.7 mln. We expect a U-turn at Bagliy Coke with new owner Evraz, which bought a 93.7% stake in Bagliy in December 2007 (see our March 5 flash note).