Moscow Integrated Power Co net profit to IFRS rises to 9 bln rubles, EBITDA to 14.5 bln rubles in Q1
MOSCOW. May 16 (Interfax) - The net profit of Moscow Integrated Power Company (MIPC) to International Financial Reporting Standards (IFRS) in January-March 2016 amounted to 9 billion rubles after profit of 5.1 billion rubles a year earlier, the company said in a report.
Earnings before taxes, depreciation and amortization (EBITDA) grew to 14.464 billion rubles, from 8.7 billion rubles in the same period of last year.
Revenue grew 29.6% to 51.84 billion rubles in comparison to the same period in 2015. The company said the growth was due to an increase in sales of heating by 34% after becoming the sole heat supply organization in Moscow in February last year. The volume of state subsidies for the quarter fell by 56.5% to 900 million rubles.
Operating expenses also increased due to becoming a sole heat supply organization, jumping by almost 20% to 40.52 billion rubles.
