OGK-2 IFRS profit tumbles 27.1% to 2.42 bln rubles, EBITDA up 19% to 8.62 bln rubles in H1
MOSCOW. Aug 23 (Interfax) - OGK-2 saw its net profit to International Financial Reporting Standards (IFRS) fall 27.1% year-on-year in H1 2016 to 2.42 billion rubles, the generating company said in a report.
Earnings before taxes, depreciation and amortization (EBITDA) grew, by 19% to 8.62 billion rubles.
Revenue grew 6.4% to 59.72 billion rubles, driven by higher revenue under capacity sales agreements (CSA) at the end of last year.
Net profit fell mostly due to the cost of servicing loans to finance the investment program under the CSA.
OGK-2's power plants have total installed capacity of 18.5 GW. In 2015, the company generated 64.2 billion kWh of electricity. Its controlling shareholder is Gazprom Energoholding, a wholly owned subsidiary of Gazprom .
