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MKS Net Income Rebounds in 9M07 to USD 2.9 mln

MKS Net Income Rebounds in 9M07 to USD 2.9 mln

26 October 2008

MKS (KVIN: BUY), Ukraine’s third largest electronics retailer, reported 9M07 net income of USD 2.9 mln vs. a net loss in 9M06 of USD 1.8 mln. During the period, sales rose to USD 108.9 mln (up 53.1% yoy). Net income growth has already exceeded our full-year forecast of USD 800 ths. 9M sales growth came out lower than our forecast of full year growth of 62%. That said, we think that the company may still meet our expectations for 2007 sales given that the 4th quarter historically brings in no less that 40-45% of annual revenues.

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