Motor Sich increases net profit to UAH 755 mln in 2009

Motor Sich (UX: MSICH UK) raised its net profit to UAH 754.7 mln in 2009 (vs. UAH 3.8 mln in 2008), according to preliminary data announced in the company’s March 25 AGM agenda. Yegor Samusenko: Net income of UAH 755 mln implies a 22% net margin for 2009, given our sales estimation of UAH 3,380 mln. Motor Sich’s profitability is line with 9M09 results (21% net margin) and is higher than we expected. We expect a positive reaction by the market to the news.