Inter RAO sees RAS net profit tumble by half to 956 mln rubles in Q1
MOSCOW. April 25 (Interfax) - Inter RAO , a Russian power company, reported net profit to Russian Accounting Standards of 955.9 million rubles in the first quarter of 2016, down from 2 billion rubles in the same period last year.
The company's revenue in the reporting period of 2016 fell 27.8% to 9.5 billion rubles, in particular revenue from the export of electricity was 7.4 billion rubles (down 30.6%), from the sales of power on the domestic market - 2.1 billion rubles (down 14.4%).
Cost of sales fell 28.3% to 6.6 billion rubles and gross profit fell 29% to 2.9 billion rubles.
The company's management spending rose by 4.8% to 1.155 billion rubles, commercial spending fell 44% to 694 million rubles.
Inter RAO manages assets in Russia, Europe and the CIS. Design capacity of the company's power plants is 35 GW. The company is an operator of electricity exports and imports.
