Kharkiv Bearing Plant increases sales 1.5x yoy in 2008

According to a press release from Kharkiv Bearing Plant (HARP), the company raised its revenue by 48% yoy in 2008 to UAH 465 mln (USD 88 mln). The company became the largest bearing producer in the CIS in 2008 (it was fourth largest in 2007). Kharkiv Bearing reported net losses of UAH 6.5 mln in 2008, which management attributes to exchange rate losses (due to depreciation of the hryvnya) – in 9M08 the company reported net income of UAH 40.5 mln. According to the company, based on its order book for 2009, it expects a 25% yoy increase in sales this year.