Svitlo Shakhtarya 2005 Results Better than Expected.

After a slow-down in sales in 1H05 (due to the government’s under-financing of equipment purchases for mines), Svitlo Shakhtarya, Ukraine’s major producer of conveyors for coal mining, managed to get back on track, having increased net revenues by 0.7% in 2005 to USD 40.2 mln in 2005, 11% above our expectations. Svitlo’s (HMBZ: BUY) net income made up USD 9.4 mln, 36% above what we expected. Earlier the company announced plans to increase its charter fund by USD 0.43 mln through an additional emission of 223.6 mln of shares at USD 0.002 par. The issue is on the agenda of HMBZ’s AGM set for June 10.