16 Nov 2017 12:47

MOEK boosts IFRS net profit 4-fold in Q3, no municipal subsidies

MOSCOW. Nov 16 (Interfax) - Moscow Integrated Power Company (MOEK) boosted net profit to International Financial Reporting Standards (IFRS) 4-fold year-on-year to 577 million rubles in Q3 2017, the company said in a statement.

Revenue was up 11.4% to almost 91 billion rubles driven by increased sales of heat energy. This factor was also mainly behind a 13.1% rise in operational expenses to 91.5 billion rubles.

EBITDA fell 7% to 9.8 billion rubles.

Long-term loans and borrowings were down 83% at the end of September compared to the start of the year at 1.1 billion rubles, while short-term loans and borrowings were up 1.5-fold to 21.8 billion rubles.

From July 1 the company stopped receiving subsidies from the Moscow municipality in compensation for differences between discounted and economically viable tariffs. In 9M 2017 subsidies totaled 953 million rubles, including only payments for six months; subsidies were not paid out in Q3. In 9M 2016, subsidies from the municipality stood at 1.7 billion rubles.