The Turboatom company, a major turbine manufacturer based in Kharkiv, has filed a lawsuit in which it is asking the Kyiv Business Court to order the Ukrainian News information agency to retract a report that the company incurred losses during the April-June period.

Ukrainian News obtained a text of Turboatom's lawsuit.

The relevant report, which was published on July 24, was based on information contained in the financial report that Turboatom filed for the first half of 2008 in the information disclosure system for share issuers (www.stockmarket.gov.ua), according to which the company earned a net profit of UAH 15,771,200 in the first half of 2008.

Since Turboatom ended the first quarter of 2008 with a net profit of UAH 27.5 million and ended the second quarter with a loss of UAH 11.8 million.

Moreover, when Ukrainian News published information that Turboatom ended the second quarter with a loss, the company said on July 25 that the information was false and that dissemination of false information about the financial results of the company would result in a lawsuit.

At the same time, Turboatom posted on its Internet website information in which it accused Ukrainian News of publishing false information, but it did not mention the fact that other mass media organizations published the same information.

Turboatom changed data about its financial results for the first half of 2008 on www.stockmarket.gov.ua at about 19:00 on July 25 without issuing a separate statement.

On line 220 (profit), the company indicated UAH 28,756,900 instead of UAH 15,771,200; on line 185 (tax on profits from normal operations), it wrote UAH 0 instead of UAH 12,985,700; on line 035 (net revenues), it left the figure unchanged at UAH 232,463,900.

Meanwhile, in the section on information about its business and financial operations, the company left the figure unchanged as of 19:00 on July 25.

However, it changed the figure in this section to UAH 28,756,900 in the morning of Monday, July 28.

At 10:50 on July 28, Turboatom officially announced on www.stockmarket.gov.ua that it had made changes to its financial report.

Thus, according to the corrected data, the company made a net profit of UAH 1.222 million in the second quarter and did not pay profit tax on its normal operations in the first quarter.

Turboatom did not state in its lawsuit that it made changes to the information it earlier published on www.stockmarket.gov.ua.

Ukrainian News is surprised by Turboatom's lawsuit because it fully covered the process of correction of Turboatom's financial report and published information about the company's financial results based on the corrections made to the financial report.

According to Turboatom's lawyer Dmytro Kaliuzhnyi, who signed the lawsuit, the company does not consider the publication of the corrections to its financial report as a retraction of the initial report that indicated that the company made losses.

According to Kaliuzhnyi, the company is demanding publication of a retraction strictly in accordance with the demand made in the lawsuit.

Meanwhile, the company is not demanding monetary compensation (excluding compensation of its court costs) from Ukrainian News.

As Ukrainian News earlier reported, Turboatom's net revenues increased by UAH 36.457 million or 45.41% to UAH 116.748 million in the second quarter of 2008, compared with the corresponding period of 2007.

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