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Luhanskteplovoz Posts Sales of USD 17.8 mln in October

Luhanskteplovoz Posts Sales of USD 17.8 mln in October

8 November 2008

Luhanskteplovoz (LTPL: U/R) recorded sales of USD 17.8 mln last month, more than it posted in all of 1H07 (USD 13.4 mln) when orders lagged prior to privatization. During 10M07, the company produced two electric trains, 20 locomotive sections and 50 electric train wagons, according to Interfax (citing a company press release). Given its replenished order book after acquisition by Bryansk Heavy Machinery (part of Russia’s Transmashholding), we see sales surging through yearend: our new 2007E forecast implies an 88% yoy increase.

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