OGK-2 boosts RAS net profit 4.4% to 2.4 bln rubles in 9M, EBITDA up 80% to 11 bln rubles
MOSCOW. Oct 28 (Interfax) - OGK-2 posted an RAS net profit of 2.393 billion rubles in 9M 2016, up from 2.292 billion rubles a year earlier, the company reported.
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose to 11.075 billion rubles, 80% higher than the EBITDA of 6.2 billion rubles in 9M 2015.
Revenue was up 16.4% to 94.1 billion rubles. The revenue growth was due to commissioning and the start of supplies to the wholesale power market under capacity supply agreements, including CCGT-420 at Serovskaya District Electric Station (Serovskaya GRES) on January 1, STU-330 at Novocherkasskaya GRES on June 1, STU-660 at Troitskaya GRES on July 1 and STU-330 at Ryazanskaya GRES on January 1. In addition, higher electricity output at OGK-2 power plants Kirishskaya GRES, Ryazanskaya GRES, Cherepovetskaya GRES, Adlerskaya Thermal Electric Station and Serovskaya GRES contributed to the revenue growth, as did an increase in electricity sale prices on the day-ahead market compared with 2015.
Gross profit rose 82% to 10.2 billion rubles and cost of sales was up 11.5% to 83.8 billion rubles.
OGK-2 produced 48.057 billion kilowatt-hours (kWh) of electricity in the nine months, 2.9% more than in the same period last year, mainly due to production growth at CSA power units at the Serovskaya, Cherepovetskaya and Kirishskaya GRES. The share of CSA power units in total output rose to 19% in 9M 2016 from 13% a year earlier.