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Motor Sich raises revenue 1.4x yoy, profits 2.5x yoy in 1Q12

Motor Sich raises revenue 1.4x yoy, profits 2.5x yoy in 1Q12

26 April 2012

Motor Sich (MSICH UK), the CIS’ largest aircraft engine manufacturer, reported strong financials for 1Q12 last night: the top line improved 43% yoy to USD 191 mln, lifting EBITDA by 67% yoy to USD 79 mln (EBITDA margin rose 6 pp yoy to 41%). The company benefited from tax privileges (nearly zero income tax, vs. USD 13 mln in 1Q11) to post a 2.5x increase in its 1Q12 bottom line to a hefty USD 71 mln.

Alexander Paraschiy: Motor Sich remains the sole bright spot among UX index components – the only one of the class to report improvements from the top to bottom of its financial statements. With its strong order book, the company’s short-term prospects look bright as well. We think the stock market should reward the company for its sound interim financials today.

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