OREANDA-NEWS. On 30 March 2009 Motor Sich < MSICH UZ BUY >, one of the world leading aircraft and helicopter engines producers, published 2008 Financial Report. According this document MSICH's net sales is UAH 2.05bn (1% more than our forecast) and net profit is UAH 3.8mn which is 56 time less than in 2007. During 4Q08 we corrected our net profit forecast to zero level and now we are glad that the profit at least presents. If the other numbers from the report are more or less explainable the almost 5 time increasing of the item "other expenses" is not clear for today.

Last year was a difficult for MSICH. The dynamic of components price rising in first half of the year and UAH devaluation in last quarter as Millennium Capital thinks were the causes of so significant decrease of the Company’s profitability. Millennium Capital expects that this year will be more successful for the Company. The almost 30% increase of order book volume to announced USD 450mn and component price decreasing are the reasons to think so and estimate the MSICH stocks as the one of the bests on Ukrainian market. The more detailed report is expected.

Millennium Capital is an integrated financial services provider. Established in 2000 by a group of professionals with solid background in securities and corporate finance, Millennium Capital is now one of the major investment banking institutions.