Yasynivsky Coke’s Bottom Line Up 88% yoy in 2007

Yasynivsky Coke’s (YASK: BUY) net income grew 88% yoy to USD 29.9 mln in 2007, Interfax reported yesterday. Andriy Gerus: The coke plant’s declared net income is 20% higher than our forecast of USD 25 mln. Management told us that net sales increased 37% yoy to USD 366.7 mln (in line with our expectation of USD 366.4 mln) and EBITDA by 71% to USD 49.9 mln (18% above our projection of USD 42.1 mln). Given last year’s positive financial results and the current strength of coke prices (USD 350-400 per mt, up 100% from 2007), we reiterate our BUY recommendation.