Motor Sich improves top and bottom line 1.2x y-o-y in 9M11
26 October 2011
Motor Sich (UX: MSICH UK, BUY) reported a 22% increase in net revenue to UAH 3,936 mln in 9M11. The company’s EBITDA improved by 46% y-o-y to UAH 1,490 mln, and net income increased by 23% y-o-y to UAH 870 mln in 9M11. In the third quarter alone, the company’s bottom line dropped 1.75x, mainly due to a 5x lift in profit tax to UAH 379 mln. We relate the latter to one-off temporary differences. Meanwhile, the company’s tax liabilities were down by UAH 163 mln over the quarter to UAH 9 mln.
