OREANDA-NEWS. May 30, 2010.  Mariupol Heavy Machinery Plant <MZVM UK STRONG BUY> called an AGM where the financial results for 2009 were announced. Thus, as compared to 2008, MZVM sales have plummeted three fold to UAH 1.071bn, and net losses increased to UAH 167.4mn. Taking into consideration the stabilization in demand for railcar production, the management of the Company plans to double the sales in 2010. 

It is important to point out that the total investments of the Company will reach UAH 20mn against UAH15.4mn in 2009, the research and development investments will total UAH 2mn against UAH 1.6mn, respectively.   In addition to this, the shareholders of the Company decided to elect Mr. Karapeychyk as chairman of the management board and to cover 2009 losses from the profits of subsequent periods. Millennium Capital classifies this news as one that is mostly of informative character and confirms its forecasts about the Company’s sales growth in 2010.