Kharkivoblenerho Announces 2Q05 Results.

In 2Q05, Kharkivoblenergo (HAON: HOLD), a regional energy distribution company,posted net revenues of USD 42.11 mln and a net income of USD 1.56 mln, compared to USD 0.16 mln in 1Q05. The company decreased its electricity supplies by 19% QoQ in 2Q05. Concorde Capital: Half-year revenues showed an impressive increase of 179% compared to 2004. However, this can be explained by a change in the company?s accounting policies in the second half of the previous year. Previously, a significant portion of revenues appeared as other revenues rather than sales. More importantly, HAON posted two profitable quarters this year, while all quarters in 2004 were loss-making.