25 October 2011
Dniproenergo (UX: DNEN UK, BUY), Ukraine’s largest thermal electricity generator, boosted its net income by 2.4x y-o-y to UAH 540.1 mln in 9M11. Revenues for the period grew by 45.2% y-o-y to UAH 6.45 bln. In 3Q11, profit surged by 5.9x y-o-y to UAH 208.2 mln, and revenues grew by 28.8% y-o-y to UAH 2.32 bln. Donbasenergo (UX: DOEN UK, BUY) also reported its financial results yesterday: the company posted income of UAH 50 mln in 9M11. Revenues increased by 30.4% to UAH 823 mln. In 3Q11, profit totaled UAH 48 mln (vs. a loss of UAH 4 mln in 3Q10), and revenues came to UAH 1.06 bln (+34% y-o-y). Reflecting the continuing increase in the electricity selling price for GenCos, net margins improved for both Dniproenergo and Donbasenergo in 9M11, reaching 12% and 1.8% respectively (vs. 8% and 0.2% in 1H11).