20 Mar 2017 19:16

ES East IFRS net profit falls almost 18% to 6.2 bln rubles in 2016

MOSCOW. March 20 (Interfax) - RAO Energy Systems of the East (ES East) posted net profit to International Financial Reporting Standards (IFRS) of 6.184 billion rubles for 2016, 17.74% lower than last year, a company report said.

Revenue increased 7.9% to 175.55 billion rubles.

State subsidies grew 20% to 17.184 billion rubles and operating expenses rose 5.5% to 183.9 billion rubles. Losses from fixed asset impairment rose from 1.95 billion rubles to 5.58 billion rubles.

Earnings before taxes, depreciation and amortization (EBITDA) rose to 23.894 billion rubles in 2016, from 12.797 billion rubles in 2015.

ES East is a wholly owned RusHydro subsidiary. The parent company will assume management functions from April this year.