Stakhaniv Wagon posts UAH 51 mln loss in 3Q12

Stakhaniv Wagon posts UAH 51 mln loss in 3Q12



26 жовтня 2012 года
Конкорд Капитал

Стахановский вагоностроительный завод (SVGZ)


Stakhaniv Wagon (SVGZ UK) posted a UAH 51 mln loss in 3Q12 after UAH 22 mln in net profit in 2Q12, the company reported in its IFRS financials yesterday. Freight railcar output fell 5.5% qoq, while the revenue dropped 21% qoq to UAH 698 mln in 3Q12. The company’s average gondola railcar selling price fell 8% qoq to USD 66,000 while the price of platforms and dumpcars remained unchanged. Total sales reached UAH 2.2 bln with EBITDA margin of 2.8% in 9M12, net loss for the period reached UAH 16.8 mln.

Roman Dmytrenko: Despite the company’s efforts to diversify its product portfolio, gondola railcars still account for 64% of Stakhaniv’s total output. Moreover, financials show the company has not been able to pass production costs on to customers as demand for gondolas slows. We believe Stakhaniv may still report a positive bottom line in 2012 if the company continues to expand its production of specialized platforms and dumpcars with higher added value compared to common gondola wagons.

Источник: Конкорд Капитал

Аналитик: Роман Дмитренко
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