Bogdan boosts revenues 50% yoy in 1H10

Bogdan Motors (UX: LUAZ UK) increased net revenues by 50% y-o-y to UAH 692 mln in 1H10, according to UAS financials released by the company yesterday. The company attributed the growth to leasing production facilities to subsidiaries and rising prices for Lada cars. EBITDA rose to UAH 164 mln (24% margin) over the period, vs. negative UAH 115 mln in 1H09 (UAH 190 mln of which is attributable to revaluation of Euro-denominated debt). Bogdan’s net loss was trimmed to UAH 111 mln (-16% margin) in 1H10, vs. a loss of UAH 208 mln in 1H09. In the first six months of the year, Bogdan’s net debt grew by 4% y-o-y to UAH 2.9 bln.