KDM Shipping reports 1H12 financials

KDM Shipping (KDM PW), a Ukrainian maritime shipping company and newcomer to the WSE, reported its 1H12 interim financials, with slight yoy decrease in all P&L items due to extreme weather conditions  – frozen river and sea routes this winter. Revenue fell 3% yoy to USD 9.6 mln, EBITDA declined 8% yoy to USD 4.8 mln and net income was down 20% yoy to USD 3.9 mln. The company was able to increase cash flow from operations 30% yoy to USD 2.5 mln due to a decrease in receivables. KDM Shipping also noted its is planning to release an update on new vessel orders (as per pre-IPO promises) and report August freight data, which it identified as strong.