Motor Sich increases revenue 78% yoy in 9M09

Motor Sich (MSICH) published its 9M09 financial results: net revenue of UAH 2.49 bln (up 78% yoy), EBITDA of UAH 817 mln (margin of 33%, up 22 pp yoy), and net income of UAH 263 mln (margin of 22%, up 19 pp yoy). Yegor Samusenko: The company posted impressive revenue growth in 3Q09, recognizing UAH 1.2 bln in quarterly revenue and UAH 431 mln in quarterly EBITDA (35% margin). The company’s results exceeded our expectations. We believe the growth in revenue is linked to the start of work on a USD 200 mln order from the Indian armed forces. We expect a positive reaction from the stock market to the news