25 Nov 2019 13:02

Grid co IDGC of Center sees IFRS net profit fall 7% to 1.97 bln rubles in 9M

MOSCOW. Nov 25 (Interfax) - Inter-regional Distribution Grid Company of Center (IDGC of Center) saw its net profit to International Financial Reporting Standards (IFRS) fall 7% year-on-year in January September 2019 to 1.97 billion rubles, the company said in a report.

The company swung to net profit of 491.8 million rubles in Q3 2019, from losses of 158.6 million rubles in the same period last year.

Sales revenue inched up to 68.69 billion rubles from 68.43 billion rubles in 9M and to 22.12 billion rubles from 21.67 billion rubles in Q3. Operating expenses rose from 62.73 billion to 63.65 billion rubles and fell from 20.64 billion rubles to 20.18 billion rubles in the respective periods.

Deposits with VTB decreased during 9M 2019 from 684 million rubles to 40 million rubles while depsits with Sberbank of Russia increased from 39 million rubles to 199 million rubles and deposits with Gazprombank from 34 million rubles to 270 million rubles.

The company has 11 divisions: Belgorodenergo, Bryanskenergo, Voronezhenergo, Kurskenergo, Kostromaenergo, Lipetskenergo, Tverenergo, Smolenskenergo, Orelenergo, Tambovenergo and Yarenergo. The company is also the sole executive body for IDGC of Center and Volga .

The company's equity is divided into 42.217 billion ordinary shares. PJSC Rosseti owns 50.2%, and Prosperity Capital Management (UK) Limited controls 21.21%.