25 Apr 2018 14:42

Inter RAO RAS net profit soars to 1.29 bln rubles in Q1

MOSCOW. April 25 (Interfax) - Inter RAO saw its net profit to Russian Accounting Standards jump to 1.29 billion rubles in the first quarter of 2018 from 15.5 million rubles in the same period of last year, the power company reported.

Company revenues rose 13.8% to 9.7 billion rubles and cost of sales was virtually unchanged at 7.3 billion rubles. Export revenues rose 7.8% to 5.9 billion rubles. Inter RAO said that export revenues were up "mainly due to the growth in the ruble equivalent clearance price driven by the rise in the euro and the North Pool power exchange prices in the Lithuania - Finland zone."

Gross profit almost doubled to 2.5 billion rubles.

Inter RAO has net debts of 65.1 billion rubles at the end of Q1 compared to 50.1 billion rubles at the end of Q1 2017.

Inter RAO is a diversified energy holding which manages assets in Russia, as well as in Europe and the CIS. The company imports and exports electricity. The company's largest shareholder is OJSC Rosneftegaz with 27.63%. Federal Grid Company (FGC UES) owns 18.6%, the quasi-treasury stake is 20.09%, RusHydro owns 4.92% and the free float is 28.79%.