Mosgaz pays first dividends in 2016, lays off further 139 people
MOSCOW. March 27 (Interfax) - State Unitary Enterprise of the City of Moscow OJSC Mosgaz's net profit declined 20% to 4.298 billion rubles in 2016, after record-high net profit of 5.398 billion rubles in 2015, the company said in its annual accounting report.
The company continued to lay off workers in 2016. Mosgaz has been an open joint stock company since the end of 2012 and since then discloses its annual accounting report with accompanying explanations. At the end of 2013, the company's total staff numbered 4675 people. At the end of 2016, that figure decreased to 4114 people. Around 139 were laid off in 2016 alone.
In 2016 Mosgaz boosted revenue from transportation of gas by 14% to 10.758 billion rubles, but revenue from technical connections and offset of gas pipelines declined 91.7%. In 2015 a sharp increase in revenue in this area was aided by the construction of high pressure gas pipeline with a diameter of 1200 millimeters to the Mosenergo TTP-20. Overall revenue of the enterprise declined 14% to 13.385 billion rubles which determined the dynamics for net profit.
At the end of 2015 Mosgaz paid out dividends to its shareholders for the first time totaling 50% of net profit, or 2.699 billion rubles.
At the same time, at the turn of 2016-2017, Mosgaz carried out a share issue worth 50 million rubles for the benefit of the city to be paid out through monetary funds. It also received a total of 95.529 million rubles in state subsidies in 2016 to invest in fixed assets.