Mosenergo's RAS net profit rises to 8.4 bln rubles in Q1, EBITDA - 14.7 bln rubles
MOSCOW. April 29 (Interfax) - PJSC Mosenergo posted net profit to Russian Accounting Standards (RAS) in the amount of 8.4 billion rubles in January-March 2016 against 6.7 billion rubles in Q1 2015, the company said.
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 18% to 14.7 billion rubles.
Revenue rose 15.4% to 62.26 billion rubles. The main part of revenue came from heat sales, 32.22 billion rubles (+19.7%) due to the increase of heat output by 17.1%. Revenue from electricity and capacity sales rose 11.1% to 29.314 billion rubles.
Cost of sales rose 13.3% to 51.66 billion rubles. Gross profit rose 27% to 10.6 billion rubles.
The majority shareholder of Mosenergo is LLC Gazprom Energoholding, the wholly owned subsidiary of Gazprom , which holds 53.5% and another 26.45% is controlled by the Moscow government.
The company is the main producer of power and heat in the Moscow region. Mosenergo has the installed capacity to generate 13.3 GW of electricity and 43,400 Gcal/hr of heat (with account of boilers transferred from MOEK) against 40,400 Gcal/hr at the start of 2015.