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16:49
MKS IN H1, 2009 RACKS UP NET LOSSES 6.3 TIMES

Kyiv, July 28 (Interfax-Ukraine) –The net losses of Kharkiv-based MKS Ltd. in January to June 2009 was estimated at UAH 40.11 million, which is 6.3 times up year-over-year, according to a report on the financial results of the company posted at the State Commission for Securities and the Stock Market.

Its net income over the six month ending June 2009 came to UAH 253.24 million, which is twice down year-over-year. Its operating losses jumped 4.2 times, to UAH 50.809 million.

In April to June 2009 MKS' net losses soared almost three times, to UAH 20.455 million, while its net income plunged by 42.8%, to UAH 131.87 million, and its operating losses grew by 55%, to UAH 17.3 million.

MKS was established in April 1990 (until June 10, 1993, it was Medical Computer Systems cooperative; from March 10, 1998, it was called CJSC Medical Computer Systems, in 2000 it was made into a limited liability company). The company is fully owned by OJSC Ekvin (Kharkiv).

The company's core business is computer and household appliances retail sales, digital electronics and household appliances retail sales, system integration, computer systems production, and wholesales.

As reported, in late May the owners of the company decided to liquidate the company due to VTB Bank's claims on the return of the company's debt on the bank's credit products, which are to mature in 2010, as MKS reported.

The company's leadership is considering options for the creation of another legal entity, which would continue developing the existing business.

According to a quarterly report, the company's total debt to its creditors as of late June, 2009 stood at UAH 412.821 million.

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