Kryukiv Wagon increases output by 27% y-o-y in 4M11

Kryukiv Wagon (UX: KVBZ UK) produced 3,435 freight railcars and five passenger railcars in 4M11, up 27% y-o-y and 25% y-o-y, respectively, according to Interfax yesterday. In April, output was 900 freight railcars and no passenger wagons. The 4M11 production figure is in line with our projections for the company.