Luhanskteplovoz 5M11 output up 3x y-o-y
30 June 2011
Luhanskteplovoz (UX: LTPL UK) produced 38 locomotive sections in 5M11, RZD Partner publication reported yesterday. Production equaled USD 66 mln, up 3x y-o-y. Mongolia purchased 30 locomotive sections in this period while Russia and Ukrzaliznitsya bought 4 locomotive sections each. Vitaly Gorovoy 5M11 production figure is in line with our expectations. We project Luhanskteplovoz’ 2011 top line at USD 190 mln, up 76% y-o-y. 2010 production was USD 125 mln.
