Fortum net profit up 31% to 9 bln rubles in 2016
CHELYABINSK. March 10 (Interfax) - Fortum posted 9.004 billion rubles of net profit to Russian Accounting Standards (RAS) in 2016, up 30.7% compared to 2015, the company said in its accounting report.
Revenue increased by 11.8% to 60.471 billion rubles.
Sales profit increased by 35.7% to 17.458 billion rubles which came about as the result of revenue growth outpacing cost of sales which grew 4.4%, according to the report.
Fortum Key Financials (thousands of rubles):
| 2016 | 2015 | |
| Revenue | 60 471 373 | 54 076 392 |
| Cost of Sales | 43 013 096 | 41 211 870 |
| Sales Profit | 17 458 277 | 12 864 522 |
| Pretax Profit | 12 218 894 | 8 602 856 |
| Net Profit | 9 004 290 | 6 886 484 |
Accounts receivable increased from 13.999 billion rubles at the start of 2016 to 16.803 billion rubles at the end of 2016. Accounts payable increased from 5.914 billion rubles to 6.102 billion rubles.
Fortum operates in the Chelyabinsk and Tyumen regions and in the Khanty-Mansiysk autonomous district. The company includes the first and second Tyumen combined heat and power plants (CHPPs); the Tobolsk CHPP; the first, second and third Chelyabinsk CHPPs; the Chelyabinsk GRES power plant, Argayash CHPP and the Nyaganskaya GRES. The Finnish corporation Fortum owns 94.88% of the company.
