26 Oct 2017 13:01

Inter RAO earnings plummet 85.7% to 5.4 bln rubles in 9M

MOSCOW. Oct 26 (Interfax) - PJSC Inter RAO saw its net profit to Russian accounting standards fall 85.7% year-on-year in January-September to 5.4 billion rubles, the electricity holding said in a report.

The company said separately that profit fell this year because last year it had been higher than expected due to a one-off payment from a firm controlled by Oleg Deripaska for a 40% stake in Irkutskenergo. Operating profit in 9M 2017 was 0.1 billion rubles, down from 2.2 billion rubles in the same period last year.

Inter RAO said in the report that sales revenue in 9M was 31.5 billion rubles, down from 33.1 billion rubles a year ago. This included 21.2 billion rubles from exports, down 10.5%. Sales of power equipment fell to just 223.3 million rubles in 9M 2017, from 2.4 billion rubles a year ago.

Cost of sales grew 3% to 25.4 billion rubles.

Short-term borrowing was 18 billion rubles at the end of the reporting period, compared to zero at the start of the year. The company had no long-term borrowings.

Inter RAO Electric Power Plants, the company's biggest subsidiary in Russia, saw its net profit fall 16.5% to 29.3 billion rubles in the 9M. Revenue rose 6% to 134.2 billion rubles and cost of sales grew 4.2% to 106 billion rubles.

Sales company PJSC Mosenergosbyt, , which supplies electricity to the Moscow region, boosted earnings 30% to 237.8 million rubles. Revenue grew 12% to 233.14 billion rubles and cost of sales was 70.8 billion rubles, up from 68.6 billion rubles a year previously.