Russian Grids boosts Q1 RAS earnings 24.5% to 82.7 mln rubles

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Russian Grids boosts Q1 RAS earnings 24.5% to 82.7 mln rubles

MOSCOW. April 28 (Interfax) - Russian Grids boosted net profit to Russian Accounting Standards (RAS) 24% year-on-year in Q1 2015 to 82.7 million rubles, from 66.5 million rubles in the same period of last year, the company said in a report.

Sales revenue grew 20.3% year-on-year to 514.7 million rubles and cost of sales rose 11.8% to 835.9 million rubles.

Gross losses tripled to 321.2 million rubles.

Russian Grids is the largest electricity transmission and distribution grid company in Russia, bringing together a main power grid complex, as well as inter-regional and regional distribution grid companies. The state is the company's largest shareholder with 85.3% of shares.