It is reported that Dneprovagonmash, the big Ukrainian railcar manufacturer, increased net profit in 2008 by 62.1% to UAH 165.44 million although it reduced the car production by 1.9% to 3,253 cars in 2008. This information was published in DNVM AGM announcement. The company produces more than 150 models of different types of freight cars.

According to Millennium Capital analyst “This news is another example that the crisis affected Ukrainian railcar building industry less severely than other industries. At the beginning of the year we forecasted that the growth in railcar, energy and oil and gas machine building will be faster than in other industries. The 2008 results confirmed our prognosis. Although the volumes of sales growth, profitability, etc are not significant in absolute numbers, they compare favorably with other industries.”

(Sourced from Millennium Capital)