RusHydro's net profit to IFRS falls 7.6% to 35.2 bln rubles, EBITDA down 13% to 70.44 bln rubles in 9M
MOSCOW. Dec 12 (Interfax) - RusHydro saw its net profit to International Financial Reporting Standards (IFRS) fall 7.6% year-on-year in January-September 2019 to 35.2 billion rubles, the generating company said in a report.
EBITDA fell 13% to 70.4 billion rubles.
Both figures were higher than the 33.8 billion rubles and 67.25 billion rubles that analysts predicted in a consensus forecast for Interfax.
Adjusted net profit fell 22.1% year-on-year in 9M 2019 to 39.842 billion rubles. Net profit is adjusted for the effects of recognition of financial income/expense arising from the change in fair value of non-deliverable forward contract, impairment of fixed assets, impairment of other assets, impairment of financial assets, profit/loss on disposal of property, plant and equipment, loss on disposal of other non-current assets as well as other operating income arising from the change in fair value of financial assets measured through profit or loss.
Net profit fell 22.1% in Q3 2019 to 5.77 billion rubles and EBITDA fell 6.7% to 19.7 billion rubles. Sales revenue inched down 0.4% in 9M to 287.6 billion rubles and up 0.1% in Q3 to 87.5 billion rubles.
Net debt/EBITDA was 1.6x at September 30.
Financial results reflected decrease of electricity production in 9M 2019 on the back of reduced water inflows to the majority of reservoirs of the hydropower plants in the first half of the year. In Q3 2019 production increased on the back of rainfall flooding and increased water inflow to the Volga-Kama cascade reservoirs and only moderate growth for expenses.