Ukrproduct releases unaudited consolidated IFRS 1H08 financials: sales up 8%, EBITDA down 18%

Ukrproduct (UKR LN: U/R) yesterday released unaudited consolidated IFRS accounts for 1H08: net revenues grew 7.7% yoy to GBP 23.6 mln (USD 44.9 mln), EBITDA declined by 18.6% yoy to GBP 2.0 mln (USD 3.8 mln), and net income fell by 26.8% yoy to GBP 1.0 mln (USD 1.9 mln). The company’s board approved an interim dividend of 0.4 pence per share (0.9% dividend yield); ex-dividend date is October 3, 2008 and the dividend will be payable on October 25, 2008. Olha Pankiv: Based on Ukrproduct’s 1H08 results, we expect the company to underperform our full-year projections. We will be reviewing them shortly and, in the interim, place the stock Under Review.