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Poltavaoblenergo’s sales up 29% yoy in 9M08, EBITDA by 6% yoy

Poltavaoblenergo’s sales up 29% yoy in 9M08, EBITDA by 6% yoy

20 October 2008

Electricity distribution company Poltavaoblenergo (POON: BUY) increased its sales 28.8% yoy to USD 187.5 mln in 9M08, the company announced on Friday. Its EBITDA rose 6.1% yoy to USD 21.1 mln, while its net income declined 14.2% yoy to USD 4.7 mln. Alexander Paraschiy: Poltavaoblenergo was among three distribution companies to decrease their bottom line yoy in 1H08. The company’s main cost center is gas-fired Kremenchuk CHPP (which produces about 1/3 of electricity the company supplies). With the gas price for heating purpose steadily increasing over the year, we expect Poltavaoblenergo’s net income to reach zero in FY2008 (vs. USD 3.2 mln in 2007). In 2009, we see an increase of heating tariffs for Kremenchuk CHPP that will put the company firmly in the black.

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