OREANDA-NEWS. October 27, 2009. According to the Company report, the net losses of Ukrnafta < UNAF UZ BUY > reached UAH 275.47mn in 9М09 against UAH 1,714.00mn net income for 9М08. The Company's revenues also decreased from UAH 7,408mn to UAH 6,072mn during this period.

The decline of the financial results and a conflict of interests between the major shareholders of this issue will definitely have a negative impact on the investment attractiveness of these shares. But Millennium Capital would also like to emphasize that the price for the Company products at the two previous tenders was almost the same as the market price. In the event UNAF continues this pricing trend, Millennium Capital should expect an improvement in the financial results of the Company. This fact and the fact of an expected dividends payout for 2006-2008 support our BUY recommendation.