MOEK narrows RAS net loss 90% to 235 mln rubles in 9M

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MOEK narrows RAS net loss 90% to 235 mln rubles in 9M

MOSCOW. Nov 1 (Interfax) - Moscow Integrated Power Company (MOEK) narrowed its RAS net loss 9% in January-September 2017 to 235.4 million rubles compared with a loss of 2.4 billion rubles in the same period last year, the company reported.

Earnings before interest, taxes, depreciation and amortization (EBITDA) declined 1.6% to 8.4 billion rubles in the nine months.

Revenue grew 9.2% to 85.1 billion rubles, driven primarily by an increase in heat sales. Cost of sales grew 4.6% to 86.6 billion rubles, mostly due to expenses to purchase heat.

Gross losses were reduced by over 66% to 1.5 billion rubles.