Donbasenergo ends 1H09 with UAH 91 mln in net revenue

Donbasenergo (DOEN) had net revenues of UAH 1.7 bln, down 4.4% yoy, according to Ukrainian Accounting Standards, the power generator said in company filing yesterday. Donbasenergo also had a gross loss of UAH 27.0 mln (vs. gross profit of UAH 153.4 mln in 1H08) and a net loss of UAH 91.4 mln in 1H09 (vs. net income of UAH 69.5 mln in 1H08). Yegor Samusenko: Donbasenergo was the only listed GenCo to increase output in 5M09 (by 5% yoy, while all other TPPs decreased output by 20%). Though all GenCos are suffering now from keeping electricity tariffs low ahead of the January 2010 presidential elections, we believe the National Electricity Regulatory Commission will compensate for losses incurred during this election year in 2010-11, in proportion to output. Thus, Donbasenergo’s high capacity utilization could equal higher profitability in upcoming years.