3 Mar 2017 16:08

Russian Grids swings to RAS net profit of 222.4 bln rubles in 2016 on investment gain

MOSCOW. March 3 (Interfax) - Russian Grids swung to a net profit of 222.44 billion rubles in 2016 compared with a net loss of 18.2 billion rubles in 2015, the company said in RAS financials.

Other income, the bulk of it attributable to revaluation of financial investments, totaled 207.73 billion rubles, up from 23.1 billion rubles in 2015.

Revenue rose to 26.7 billion rubles in 2016 from 6.5 billion rubles the previous year. Cost of sales remained almost unchanged, totaling 4.3 billion rubles. Gross profit totaled 22.35 billion rubles, increasing over 10-fold.

The company cut other expenses from 45.49 billion rubles to almost 10 billion rubles.