Poltavaoblenergo, Odesaoblenergo announce 2008 results
3 February 2009
According to preliminary data, power distribution company Poltavaoblenergo (POON) increased net income by 24% yoy in 2009 to UAH 19.9 mln (USD 3.8 mln), and net sales by 28% yoy to UAH 1.3 bln (USD 250 mln). Odesaoblenergo (ODEN) raised net income by 6% yoy to UAH 5.3 mln (USD 1.0 mln) and net revenue by 38% yoy to UAH 1.96 bln (USD 377 mln). No other financials have been disclosed by other sector companies. Alexander Paraschiy: Odesaoblenergo beat our 2008 sales forecast by 2.7%, while Poltavaoblenergo under-performed our forecast by 4.1% (mainly due to less-than-expected production at its Kremenchuk CHPP). Both companies’ preliminary net income results are below our expectations – the large room for manipulation in pretax income makes net income forecasting complicated.
