Quadra boosts IFRS net profit 1.7-fold to 1.63 billion rubles in H1
MOSCOW. August 29 (Interfax) - Quadra boosted net profit to International Financial Reporting Standards (IFRS) 1.7-fold year-on-year to 1.63 billion rubles in H1 2017, the company said in a report.
Revenue grew 9% to 26.8 billion rubles and profits from operational activities increased 1.4-fold to 3.3 billion rubles.
Long-term loans and borrowings were 11% higher at the end of June compared to the start of the year at 22.2 billion rubles. Short-term loans fell 35% to 8 billion rubles.
Quadra again broke covenants on loans from Gazprombank and Sberbank and is holding talks with these organizations on changes to the terms of the loan agreements "regarding restrictions set by the banks." The corresponding additional agreements are due to be signed before the end of the year.
Quadra operates power plants in Central Russia with total capacity of 2.9 GW of electricity and 13,500 Gcal/h of heat.
Onexim owns 48.1% of Quadra directly, according to SPARK-Interfax. LLC Businessinform, directly owned by Prokhorov, has a 24.74% stake in Quadra.