TGK-1 boosts IFRS net profit 26% in 9M
ST PETERSBURG. Nov 9 (Interfax) - TGK-1 boosted net profit to IFRS 26.3% in January-September 2018 year-on-year to 8.548 billion rubles, the generating company reported.
Consolidated revenue rose 5.5% to 63.494 billion rubles.
EBITDA grew 1% year-on-year to 16.202 billion rubles.
TGK-1 financial highlights (mln rubles):
| 9M 2018 | 9M 2017 | |
| Revenue | 63 494 | 60 176 |
| Operating costs | 53 146 | 50 293 |
| Operating profit | 10 348 | 9 884 |
| EBITDA | 16 202 | 16 040 |
| Net profit | 8 548 | 6 766 |
Consolidated TGK-1 Group revenue in 9M 2018 increased 5.5% year-on-year to 63.494 billion rubles, mainly due to growing electricity sales volume at the day-ahead market, increased revenue from capacity sales under CSA, growing revenue from heat sales on the back of cold weather in Q1 2018, as well as growing electricity exports on the back of favorable market situation at Nord Pool, the genco said.
TGK-1 has 53 power plants in St. Petersburg, Karelia, and Leningrad and Murmansk regions with combined installed capacity for 6.95 GW of electricity and 13,630 Gcal/hr of heat. TGK-1 is controlled by Russian gas giant Gazprom , and 29.45% of shares in the utility are owned by Finland's Fortum Power & Heat Oy.