Federal Grid Co boosts Q1 RAS earnings 12-fold, adjusted EBITDA - 17.2%
MOSCOW. April 28 (Interfax) - Federal Grid Company (FGC) increased net profit to Russian Accounting Standards (RAS) 12.1-fold year-on-year in Q1 2016 to 10.45 billion rubles, the company said in a report.
Sales revenue grew 9.5% to 43.64 billion rubles, cost of sales rose 5.4% to 34.07 billion rubles, and gross profit was 9.57 billion rubles, up from 7.54 billion rubles a year previously.
Other income more than doubled to 11.43 billion rubles, while other expenditure fell 37.7% to 3.5 billion rubles. Pretax profit almost tripled to 15.75 billion rubles.
Adjusted earnings before taxes, depreciation and amortization (EBITDA) rose 17.2% year-on-year to 32.34 billion rubles. Adjusted EBITDA excludes non-cash operations, income from technological connections, property tax, depreciation and amortization.
Adjusted net profit, generated by cash flows adjusted for balance accrual/recovery of provision of doubtful debts, revaluation of fixed assets and financial investments, grew 3.4-fold to 5.83 billion rubles.
"The financial results for the first reporting period are the basis for a positive result for 2016 and the achievement of results that are in line with the expectations of the market and shareholders," Dmitry Klokov, external communications director, was quoted as saying.
Federal Grid Company is the operator and manager of Russia's unified electricity transmission grid system, including high voltage transmission lines. The state-owned OJSC Russian Grids owns 80.6% of shares.