Kyivenergo ends 9M09 with EBITDA of UAH 696 mln

Kyivenergo (KIEN), reported its financial results for 9M09 in a company filing: net revenues amounted to UAH 4.2 bln (up 4.2% yoy), gross loss was UAH 945.6 mln (4.5x), while EBITDA was positive at UAH 696 mln and net income comprised UAH 530 mln (vs. a net loss of UAH 278.0 mln in 9M08). Yegor Samusenko: Kyivenergo’s 9M09 EBITDA turned positive due to other operating income received from the city of Kyiv. In 9M09, Kyivenergo received UAH 1.6 bln in compensation for losses from heating supplies, which included not only 2009-related losses but compensation for previous years as well. At the same time, the company is operating with a negative gross margin due to low heating tariffs, which were recently prolonged until May 2010.