Luhanskteplovoz AGM: Modest 2007 Plans Are Announced.

At   their AGM earlier today, Luhanskteplovoz’s shareholders approved the company’s 2006 finacial results: revenue of USD 94.3 mln (+57% yoy) and net losses of USD 3.1 mln (net income of   USD  1.7 mln in 2005). LTPL  announced its plans to increase revenues by 25% in 2007 and to end the year with a positive net income.   The company plans to invest USD 60 mln in CapEx  by 2009. LTPL  forecasts 2007 domestic sales in line with 2006 figures (USD 66 mln) and is expecting additional  orders from Russia, Iran, Iraq and Lativa. In regards to the purchase of a controlling stake in the company by the Bryansk Machine Plant, two new members from the latter company were added to LTPL’s supervisory board’s seven old members.  Inna Perepelystsya:  We expect the company to  post bigger revenues for 2007 than announced at the AGM. The management  claims negotiations with Russian Railways  were positive (the exact results were not given), and this was not accounted in the company’s 2007 plan.