1 Nov 2017 16:55

Mosenergo boosts RAS net profit 2.8-fold in 9M, EBITDA up 1.4-fold

MOSCOW. Nov 1 (Interfax) - Mosenergo posted 17.9 billion rubles in net profit to Russian Accounting Standards (RAS) in 9M 2017, up 2.8-fold from 6.4 billion rubles for the same period in 2016, the company said in a report.

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 1.8-fold to 31.06 billion rubles during the period, up from 21.7 billion rubles the year before.

The company had revenues of 135.5 billion rubles in 9M, a 55.1% year-on-year increase, mainly driven by the efficient operation of combined cycle power units, installed as part of capacity supply agreements.

Cost of sales of core products rose 0.6% to 114.1 billion rubles. Gross profit was up 55.1% year-on-year to 21.4 billion rubles. Operating profit rose 1.5% to 21.3 billion rubles.

Mosenergo is Russia's biggest territorial generating company, with installed electrical generating capacity of 13,000 MW at 15 power stations. Heat energy capacity totals 43,000 Gcal. The company's main shareholders include LLC Gazprom Energoholding (53.5%) and the city of Moscow (26.45%). A further 20.05% is owned by other individuals and companies.