Inter RAO sees RAS earnings plummet 88.7% to 4.1 bln rubles in H1
MOSCOW. July 26 (Interfax) - Inter RAO saw RAS net profit drop 88.7% in H1 2017 year-on-year to 4.1 billion rubles, the company said in a statement.
Revenue fell 9.3% to 18.8 billion rubles. Cost of sales grew by 1.5% to 15.3 billion rubles. Export revenue declined by 20% to 12 billion rubles.
Net debt totaled minus 40.6 billion rubles compared with minus 41.7 billion rubles at the start of the year.
Net profit at JSC Inter RAO - Electric Power Plants dropped 25.7% to 22.4 billion rubles. Revenue declined by 5.7% to 87.5 billion rubles.
Net profit at Bashkir Generation Company declined by 47% to 1.4 billion rubles. Revenue declined by 0.3% totaling 22 billion rubles.
The company said that the change in export revenue was mostly connected with a decline in supplies in natural terms to Georgia by 44.5%, and by 20.4% to Belarus, as well as a decline in ruble equivalent prices of sales in connected with the exchange rate declining in H1 2017 in comparison to the previous year. Revenue from sales of electricity and capacity on the wholesale market for electricity and capacity increased by 1.8 billion rubles, or 36.8%, totaling 6.6 billion rubles in H1 2017. Revenue on the wholesale market for electricity and capacity was driven by an increase in electricity imports.
Inter RAO manages assets in Russia, and also in Europe and the CIS. Installed capacity amounts to 32.5 GW. The company imports and exports electricity. The company's largest shareholder is OJSC Rosneftegaz with 27.63%. Federal Grid Company (FGC UES) owns 18.6%, the quasi-treasury stake is 20%, RusHydro owns 4.92% and the free float is 28.9%.
